earticle

영어

An error correction model is used for examining the factors to affect labor productivity. Results show that public R&D is positively related to productivity, and public R&D long-run elasticity is greater than its short-run elasticity. However, we did not find any significant effect of private R&D on productivity. Openness to trade and ageing have significant long-run effects on productivity while they have insignificant short-run effects. The long-run effects of unemployment rate are slightly greater than short-run effects. The role of public R&D is important to enhance productivity. Planners need to have a long-run plan to enhance productivity. By utilizing time series, this is the first study to examine the dynamic effects of public R&D stock and private R&D stock and other factors(structural change, openness, unemployment rate, and ageing) on labor productivity.