Resumen El objetivo de este trabajo es estudiar el efecto de los desajustes educacionales

We conduct an empirical application based on Coe and Helpman's (1995) seminal work, in order to measure the elasticity of technical progress with respect to R&D capital for the G5 countries between 1971 and 2003. For this purpose, a series for technological capital is built for the 1990-2003 period, and linked with Coe and Helpman's series for the 1971-1990 period. The technical progress of leading countries depends critically on the domestic R&D capital stock, in line with Coe and Helpman's (1995) and Coe, Helpman and Hofmaister's (2009) work. Nevertheless, there are some important differences. The estimations for the elasticity values appear to be higher and show larger differences between countries than in previous studies. Furthermore, the results give evidence in favour of Schumpeterian models, as TFP growth is positively related to the distance to the technological frontier represented by the US.

P. PÉREZ -M. BENGOA -A. C. FERNÁNDEZ RESEARCH AND PRODUCTIVITY GROWTH P. PÉREZ -M. BENGOA -A. C. FERNÁNDEZThis paper uses the Jones (1995) framework to examine the contribution of imitation activities and innovative research effort on productivity growth for the US and some European leading economies. We carry out a comparative analysis for the last 50 years, with two model specifi cations, assuming country differences in the parameters associated with R&D effort. In the fi rst one, the technological frontier position is determined by the country with the highest productivity, the United States. Alternatively, in the second specifi cation, we alter the defi nition of the technological frontier, allowing it to transcend the leader. The empirical analysis leads to very different outcomes. The fi rst specifi cation estimation, using GMM techniques, indicates that American researchers are more technology growth enhancing than their European counterparts. In contrast, the results obtained for the second, using Kalman's fi lter, show that when using an alternative defi nition of technological frontier, it is possible to observe a boost in innovation that reduces the dispersion among countries. Then, the leading European countries can take advantage; in this case, Germany exhibits the best performance, followed by the US.