Working Paper
What drives Endogenous Growth in the United States?
This paper estimates whether learning-by-doing effects or cleansing effects of recessions drive the endogenous component of productivity in the United States. Using Bayesian estimation techniques we find that external and internal learning-by-doing effects dominate. We find no evidence for cleansing effects of recessions. Furthermore, the exogenous component of productivity growth is close to the two percent pace.
Key Words
- Business cycles
- Cleansing Effects of Recessions
- Endogenous growth
- Konjunkturzyklen
- learning-by-doing