; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Openness, Technology Capital, and Development"; ; "batchuser@example.com"; "Prescott, Edward C.", "McGrattan, Ellen R."; "Federal Reserve Bank of Minneapolis"; "Openness", "Foreign direct investment"; "F43 - Economic Growth of Open Economies", "F23 - Multinational Firms; International Business", "O11 - Macroeconomic Analyses of Economic Development"; "In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm’s technology capital is its unique know-how from investing in research and development, brands, and organization capital. Technology capital is distinguished from other forms of capital in that a firm can use it simultaneously in multiple domestic and foreign locations. A country can exploit foreign technology capital by permitting direct investment by foreign multinationals. In both steady-state and transitional analyses, the extended growth model predicts large gains to being open."^^; "2008-07-01"; "2019-06-21T14:09:30.145642193+00:00"^^; "https://doi.org/10.21034/sr.396"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-09-16T21:52:02.475164166+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "508", "628"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "396"; "Openness", "Foreign direct investment"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """Published in: _Journal of Economic Theory_ (Vol. 144, No. 6, November 2009, pp. 2454-2476) https://doi.org/10.1016/j.jet.2008.05.012. [Additional Files](https://researchdatabase.minneapolisfed.org/downloads/ft848q669?locale=en) [M-files and Ftools](https://researchdatabase.minneapolisfed.org/downloads/4x51hj04n?locale=en) An earlier version of this Staff Report circulated as [Working Paper 651](https://doi.org/10.21034/wp.651)."""^^; ; "Publication" . ; .