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dc.contributor.authorMcNerney, James
dc.contributor.authorSavoie, Charles
dc.contributor.authorCaravelli, Francesco
dc.contributor.authorCarvalho, Vasco M
dc.contributor.authorFarmer, J Doyne
dc.date.accessioned2021-12-10T00:31:04Z
dc.date.available2021-12-10T00:31:04Z
dc.date.issued2022-01-04
dc.identifier.issn0027-8424
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/331324
dc.description.abstractTechnological improvement is the most important cause of long-term economic growth. In standard growth models, technology is treated in the aggregate, but an economy can also be viewed as a network in which producers buy goods, convert them to new goods, and sell the production to households or other producers. We develop predictions for how this network amplifies the effects of technological improvements as they propagate along chains of production, showing that longer production chains for an industry bias it toward faster price reduction and that longer production chains for a country bias it toward faster growth. These predictions are in good agreement with data from the World Input Output Database and improve with the passage of time. The results show that production chains play a major role in shaping the long-term evolution of prices, output growth, and structural change.
dc.description.sponsorshipERC Consolidator Grant; Leverhulme Prize
dc.publisherProceedings of the National Academy of Sciences
dc.rightsAll Rights Reserved
dc.rights.urihttp://www.rioxx.net/licenses/all-rights-reserved
dc.titleHow production networks amplify economic growth.
dc.typeArticle
dc.publisher.departmentFaculty of Economics
dc.date.updated2021-12-08T16:47:46Z
prism.publicationNameProc Natl Acad Sci U S A
dc.identifier.doi10.17863/CAM.78772
dcterms.dateAccepted2021-10-21
rioxxterms.versionofrecord10.1073/pnas.2106031118
rioxxterms.versionAM
dc.contributor.orcidMcNerney, James [0000-0001-8338-7244]
dc.contributor.orcidCaravelli, Francesco [0000-0001-7964-3030]
dc.contributor.orcidCarvalho, Vasco M [0000-0002-6128-9157]
dc.contributor.orcidFarmer, J Doyne [0000-0001-7871-073X]
dc.identifier.eissn1091-6490
rioxxterms.typeJournal Article/Review
pubs.funder-project-idLeverhulme Trust (PLP-2016-209)
pubs.funder-project-idAlan Turing Institute (Turing-HSBC Programme)
pubs.funder-project-idEuropean Commission Horizon 2020 (H2020) ERC (101001221)
cam.issuedOnline2021-12-23
cam.orpheus.successTue Feb 01 19:02:26 GMT 2022 - Embargo updated
cam.depositDate2021-12-08
pubs.licence-identifierapollo-deposit-licence-2-1
pubs.licence-display-nameApollo Repository Deposit Licence Agreement
rioxxterms.freetoread.startdate2021-12-23


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