The Impact of Innovation Indicators on Macroeconomic Efficiency

Document Type : Research Paper

Authors

1 Ph.D. student of Economics, Department of Economics, Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran.

2 Assistant Professor, Department of Economics, Faculty of Economics, Management And Accounting, Yazd University, Yazd, Iran.

3 Economic, Management and Accounting Dept-Accounting and Financial, Yazd University, Yazd, Iran

Abstract

The main goal of this research is to investigate the impact of innovation indicators on macroeconomic efficiency. For this purpose, the information of OECD member countries was used in the period of 2012 to 2021. In this research, in order to identify the method of choosing the appropriate model for model estimation, Limer and Hausman's F test was used, and the results of the tests show the use of Panel data with fixed effects as the appropriate model for model estimation. In the following, the macroeconomic inefficiency factor is estimated by using the frontier stochastic analysis method, and finally the obtained inefficiency factor is considered as a dependent variable in the final model. Finally, the effect of three indicators, the number of patent license applications, the export of advanced technologies, and the number of research articles as indicators of innovation and independent variables; Also, the inflation variable was measured as a control variable on macroeconomic inefficiency. The findings of the research indicate that among the three indicators mentioned as innovation indicators, two indicators of patent license requests, export of advanced technologies were not significant on macroeconomic efficiency. Meanwhile, the coefficient related to the number of research articles shows the number 0.163, which shows the positive and significant effect of this variable on macroeconomic inefficiency at the 5% error level. In fact, it can be said that the factor of the number of research articles had a negative and significant effect on economic efficiency, which means that an increase in the number of research articles causes a decrease in economic efficiency. The inflation factor also has a positive and significant control variable on economic inefficiency, or in other words, the inflation factor has a negative and significant effect on the macroeconomic efficiency, which is in line with expectations.

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References

منابع
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Innovation EconomicEcosystem Studies
Volume 4, Issue 1
June 2024
Pages 43-56

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