Regulation, Institutions, and Productivity: New Macroeconomic Evidence from OECD Countries
利用OECD国家面板数据，研究发现反竞争的产品市场监管降低全要素生产率，而更高的创新强度和开放度提升生产率；产品市场监管的影响取决于劳动市场监管水平，更好的制度和更友好的商业环境能放大研发支出对生产率的正面作用。
This paper seeks to understand the drivers of country-level multi-factor productivity (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 reduce MFP levels and that higher innovation intensity and greater openness result in 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.