Notice of Retraction: Can energy price shocks drive long-run technological progress and growth?—Empirical evidence from Korea

2010 ◽  
Author(s):  
Yu Hong ◽  
Hong-wei Su
Keyword(s):  
Empirical Evidence ◽  
Technological Progress ◽  
Energy Price ◽  
Price Shocks ◽  
Long Run

Technological progress, non-price factors competitiveness, and changes in trade income elasticities: empirical evidence from South Korea and Hong Kong

2020 ◽  
pp. 1-26
Author(s):  
Marco Flávio Cunha Resende ◽  
Vitor Leone ◽  
Daniele Almeida Raposo Torres ◽  
Simeon Coleman
Keyword(s):  
Growth Rate ◽  
Hong Kong ◽  
South Korea ◽  
Empirical Evidence ◽  
Technological Progress ◽  
Innovation System ◽  
Balance Of Payments ◽  
Income Elasticities ◽  
Long Run ◽  
Catch Up

In the balance-of-payments-constrained growth model literature, income elasticities (IEs) are considered as the crucial element determining a country's long-run growth rate. Although the extant literature accepts that technology matters for IEs magnitude, explanations linking technology and IEs magnitude are limited. In this paper, we make use of the National Innovation System (NIS) concept from the Evolutionary School to explain the channels through which the size of a country's IEs is influenced by the level of development of its NIS, which in turn is a channel through which the non-price competitiveness factors work. Additionally, we empirically test the hypothesis that the catch-up allowed by NIS developments achieved in South Korea and Hong Kong improved their IEs over the 1980–1995 period. Our empirical results suggest a link between the level of NIS development and the size of the IEs.

scholarly journals Endogenous Innovation in the Theory of Growth

1994 ◽  
Vol 8 (1) ◽  
pp. 23-44 ◽  
Author(s):  
Gene M Grossman ◽  
Elhanan Helpman
Keyword(s):  
Empirical Evidence ◽  
Endogenous Growth ◽  
Technological Progress ◽  
Growth Process ◽  
Critical Role ◽  
Growth Theory ◽  
Endogenous Innovation ◽  
Long Run ◽  
Neoclassical Growth Theory ◽  
Neoclassical Growth

This paper makes the case that purposive, profit-seeking investments in knowledge play a critical role in the long-run growth process. First, the authors review the implications of neoclassical growth theory and the more recent theories of ‘endogenous growth.’ Then they discuss the empirical evidence that bears on the modeling of long-run growth. Finally, the authors describe in more detail a model of growth based on endogenous technological progress and discuss the lessons that such models can teach us.

The Economic Effects of Energy Price Shocks

CFA Digest ◽  
2009 ◽  
Vol 39 (3) ◽  
pp. 37-39
Author(s):  
M.E. Ellis
Keyword(s):  
Economic Effects ◽  
Energy Price ◽  
Price Shocks

Investment and Energy Price Shocks

2010 ◽  
Author(s):  
Ronald A. Ratti ◽  
Youn Seol ◽  
Kyung Hwan Yoon
Keyword(s):  
Energy Price ◽  
Price Shocks

Does Globalization Cause Inequality in Developed Countries in the Long Run? Empirical Evidence from 25 OECD Economies

2020 ◽  
Author(s):  
Rahul Sen ◽  
Gulasekaran Rajaguru ◽  
Sadhana Srivastava ◽  
Pundarik Mukhopadhaya
Keyword(s):  
Empirical Evidence ◽  
Developed Countries ◽  
Long Run

ENERGY IN A MODEL OF FIRM ENTRY

2018 ◽  
Vol 24 (2) ◽  
pp. 231-254
Author(s):  
Soma Patra
Keyword(s):  
Negative Impact ◽  
The United States ◽  
Energy Price ◽  
Firm Entry ◽  
Energy Prices ◽  
Dsge Model ◽  
Price Shocks ◽  
Firm Level ◽  
Dynamic Stochastic ◽  
The Impact

Nine out of the last ten recessions in the United States have been preceded by an increase in the price of oil as noted by Hamilton [Palgrave Dictionary of Economics]. Given the small share of energy in gross domestic product this phenomenon is difficult to explain using standard models. In this paper, I show that firm entry can be an important transmission and amplifying channel for energy price shocks. The results from the baseline dynamic stochastic general equilibrium (DSGE) model predict a drop in output that is two times the impact in a model without entry. The model also predicts an increase in energy prices would lead to a decline in real wages, investment, consumption, and return on investment. Additionally, using US firm level data, I demonstrate that a rise in energy prices has a negative impact on firm entry as predicted by the DSGE model. This lends further support toward endogenizing firm entry when analyzing the effects of energy price shocks.

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