Issue 1, 2007

Rumyantsev A. A., Fedotov Yu. V. Econometric Analysis of Innovation Activity in the Industry of Saint Petersburg

The paper analyses innovation activity at the macroeconomic level. The innovation process is examined as a factor of economic development with special emphasis on econometric modeling of the impact it produces for the industrial development in the region. The relationship between macroeconomic indicators of innovation process and industrial output (total industrial output, value added and labor productivity in the industry) is the focus point of the study. The empirical part of research is based on the data on industrial sector of St. Petersburg economy (1995–2004). Alterative macroeconomic models (production functions) were estimated and tested. Assessment of the impact on total industrial output, value added and labor productivity provided by «innovation factor» variables has been completed on the basis of the most «plausible» (in statistical and economic sense) empirical models.

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