TY - JOUR
T1 - Uncertainty-driven growth
AU - Oikawa, Koki
PY - 2010/5/1
Y1 - 2010/5/1
N2 - In this paper, I present a model in which firm-level uncertainty raises aggregate productivity growth. The mechanism for this is learning-by-doing in the research sector: firms undertake research to reduce uncertainty, which results in social knowledge accumulation that improves the productivity of future research. The model explains the positive correlation between TFP growth and dispersion in manufacturing industries.
AB - In this paper, I present a model in which firm-level uncertainty raises aggregate productivity growth. The mechanism for this is learning-by-doing in the research sector: firms undertake research to reduce uncertainty, which results in social knowledge accumulation that improves the productivity of future research. The model explains the positive correlation between TFP growth and dispersion in manufacturing industries.
KW - Bayesian updating
KW - Firm-level uncertainty
KW - Knowledge accumulation
KW - TFP growth and dispersion
UR - http://www.scopus.com/inward/record.url?scp=77949874434&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=77949874434&partnerID=8YFLogxK
U2 - 10.1016/j.jedc.2009.12.003
DO - 10.1016/j.jedc.2009.12.003
M3 - Article
AN - SCOPUS:77949874434
SN - 0165-1889
VL - 34
SP - 897
EP - 912
JO - Journal of Economic Dynamics and Control
JF - Journal of Economic Dynamics and Control
IS - 5
ER -