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Working Paper

What drives Endogenous Growth in the United States?

Kiel Working Papers, 1634

Authors

  • Wesselbaum
  • D.

Publication Date

JEL Classification

C11 E32 O40

Key Words

Business cycles

Cleansing Effects of Recessions

Endogenous growth

Konjunkturzyklen

learning-by-doing

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.

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