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Author:

McGrattan, Ellen R.

Title:

Openness, technology capital, and development / Ellen R. McGrattan, Edward C. Prescott.

Publisher:

Federal Reserve Bank of MinneapolisResearch Dept.,

Copyright Date:

c2007

Description:

33 p. : ill. ; 28 cm.

Subject:

Investments, Foreign--Econometric models.
Economic development--Econometric models.
Technology--Econometric models.--Econometric models.
International economic relations--Econometric models.
International economic integration--Econometric models.
Labor productivity--Econometric models.

Other Authors:

Prescott, Edward C.
Federal Reserve Bank of Minneapolis. Research Department.

Notes:

"October 2007" Includes bibliographical references (p. 33).

Summary:

In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research and development, brands, and organization capital. What distinguishes technology capital from other forms of capital is the fact that a firm can use it simultaneously in multiple domestic and foreign locations. Foreign technology capital is exploited by permitting foreign direct investment by multinationals. In both steady-state and transitional analyses, the extended growth model predicts large gains to being open.

Series:

Staff report / Federal Reserve Bank of Minneapolis, Reseach Dept. ; 396

OCLC:

(OCoLC)214117264

Locations:

USUX851 -- Iowa State University - Parks Library (Ames)