Arbeitspapier
Regulation, Institutions, and Productivity: New Macroeconomic Evidence from OECD Countries
Empirical research on the drivers of multi-factor productivity (MFP) is abundant at the firm- and industry level but surprisingly little research has been conducted on the determinants of MFP at the macroeconomic level. In this paper, we seek to understand the drivers of country-level MFP with a special emphasis on product and labour market policies and the quality of institutions. For a panel of OECD countries, we find that anticompetitive product market regulations are associated with lower MFP levels and that higher innovation intensity and greater openness go in tandem with higher MFP. We also find that the impact of product market regulations on MFP may depend on the level of labour market regulations. Better institutions, a more business friendly environment and lower barriers to trade and investment amplify the positive impact of R&D spending on MFP. Finally, we also show that cross-country MFP variations can be explained to a considerable extent by cross-country variation in labour market regulations, barriers to trade and investment and institutions (including corruption).
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 6407
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Model Construction and Estimation
Demand and Supply of Labor: General
Legal Monopolies and Regulation or Deregulation
Economics of Regulation
Economic Growth and Aggregate Productivity: General
- Thema
-
multi-factor productivity
trade openness
innovation
product market regulation
labour market regulation
institutions
policy interactions
OECD
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Egert, Balazs
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Egert, Balazs
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2017
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