1,723,182 research outputs found
ETLA Macro Model for Forecasting and Policy Simulations
No full textThis paper presents a review of a quarterly macroeconomic model built for forecasting and policy simulation purposes at the Research Institute of the Finnish Economy (ETLA). The ETLA model can be labelled as a structural econometric macro model (also known as “SEM” or “policy model” in the recent literature). The ETLA model constitutes of 81 endogenous and 70 exogenous variables and hence at this stage, it is relatively small in size. The model encompasses Keynesian features in the short run, albeit particular attention is paid to its long-term equilibrium properties which are defined from supply side. Owing to these characteristics, its adjustment to external/policy shocks resembles the behavior of New Keynesian DSGE models with sticky prices and wages. The agents of the model are partly forward-looking
Findings of the ETLA survey on Finnish biotechnology firms
Get PDFThis paper presents the first results of ETLA and Etlatieto Ltd Study of Finnish biotechnology firms. The majority of Finnish biotechnology firms are quite young and still in the early stages of gainful economic activities. Their turnover, profits and exports are, for the younger firms in particular, still low, profits even negative, while their growth expectations are high. The high R&D intensity of especially younger firms indicates that their products are still largely in the development phase and that few of their products are yet in the market. The commercialisation process is long, and only a few of the innovations eventually turn out to be exploitable. This increases the risk assessed and the rate of returns required by the investors. Private and public venture capitalists are most interested in the young companies with relatively high risk and high growth prospects. The oldest firms are more often subsidiaries. This may reflect the fact that foreign companies are willing to take over a Finnish company when its growth prospects are close to being realised. Furthermore, large proportion of the companies have obtained some public funding for the research which led to the foundation of the company or which took place in some other stages of the life cycle of the company. Research spin-off companies in general have more hindrances than other start-up firms, and would benefit from more systematic training in relevant business skills, such as how to make a business plan, how to deal with patenting, and how to obtain funding from venture capital investors
Survey on the Finnsh biotechnology industry: Background and descriptive statistics
Get PDFETLA, the Research Institute of the Finnish Economy, conducted surveys at the end of 2004 and at the beginning of 2002 on the enterprises listed in the Index of Biotechnology Companies in the Finnish Bioindustries organization. The surveys provide data on financial accounting, R&D activities, intellectual property rights, and sales forecasts. In addition to the updates, the ETLA 2004 Survey also provides detailed linkages to product-level information that incorporates R&D- and sales figures, forecasts thereof, collaboration patterns, science-base mapping, and academic origin of the innovations. This also paper presents descriptive statistics on intellectual capital and value creation of the biotechnology industry. Finally, we discuss the main findings of the survey and indicate topics for further research
Tehokas innovaatiopolitiikka lisää korkean tuottavuuden t&k-työtä
No full textTutkimuksemme soveltaa Acemoglun ym. (2018) kehittämää makrotaloudellista mallia (AAABK-malli), joka mahdollistaa erilaisten yrityssektoriin kohdennettujen politiikkatoimien kokonaistaloudellisten vaikutusten arvioinnin. Keskeistä mallissa on korkean ja matalan tuottavuuden yritysten suhde kokonaistuotannosta ja se, miten eri politiikkatoimet vaikuttavat tähän suhteeseen. Malli on sovitettu vastaamaan Suomen yrityskenttää käyttämällä yritystason mikroaineistoa suomalaisista yrityksistä vuosilta 2000–2016. Tulosten perusteella t&k-tukien määrän kasvattaminen olisi yleisesti ottaen kannattavaa Suomessa. Tukien kokonaistaloudelliset hyödyt ovat erityisen suuria silloin, kun tuet kiihdyttävät t&k-työntekijöiden siirtymistä kohti parempilaatuisia yrityksiä, joiden t&k-toiminnan tuottavuus on korkea. Tehokkainta innovaatiopolitiikkaa on t&k-tukien kohdentaminen yrityksille, joiden innovaatiokapasiteetti on korkein, eli joiden käytössä t&k-työvoima tuottaa suurimmat lisäykset yrityksen tuottavuuteen. Mikäli tuet kohdennetaan matalan innovaatiokapasiteetin yrityksiin, syntyy innovaatioita vähemmän ja talouskasvu on hitaampaa. Näin tapahtuu myös, kun lähellä markkinoilta poistumista olevat matalan tuottavuuden yrityksen saavat tukia ja jatkavat toimintaansa. Optimaalinen yritystukipolitiikka pakottaisi vakiintuneet matalan tuottavuuden yritykset poistumaan markkinoilta.nonPeerReviewe
Plano del sitio arqueológico de Etla
No full textI.O. En el reverso, manuscrito: "CXXI-49". En la imagen se lee: Casique Hacienda, Etla, Oax. Zona Arqueológica escala 1:1000
Implications of Value Creation and Capture in Global Value Chains – Lessons from 39 Grassroots Cases
No full textThis report summarizes 39 detailed ETLA case studies of global value chains (GVCs). The findings suggest that the value added in global value chains is less tied to their tangible aspects than what conventional wisdom suggests. Intangible aspects of GVCs tend to be more important, but their poor measurement in available statistics misguides. With the raise of GVCs, interests of governments and multinational enterprises operating within national borders are increasingly at odds, e.g., when it comes to transfer pricing practices. The evidence from Finland shows that misinterpreted (or ignored) transfer pricing rules have significant impacts on GDP and other macroeconomic measures. Since multinational enterprises, and GVCs they operate, have grown to dominate international trade, the focus of national policymakers should shift from companies and industries to tasks and functions that are conducted within national borders
A new narrative for Europe? Summary of a BRIE-ETLA seminar
Get PDFThe EU is currently facing great challenges. Paradoxically, however, the crisis has demonstrated the endurance of the European model. The only long-term solution to the current challenges is to achieve sustained growth. To achieve this goal, Europe must balance austerity and expansion. In the current era of globalisation, the key to Europe's success is to avoid the commodity trap and to discover the sweet spots of global value creation
Servitization as a Productive Strategy of a Firm – Evidence from the Forest-Based Industries
No full textA central aspect of the industrial evolution in the advanced economies is the phenomenon called servitization. In general, the term servitization or product-service transition is used to highlight the change, where the tangible offering of a manufacturing firm is augmented with intangible services. In this paper, servitization is addressed broadly as a strategic reorientation by a manufacturing firm which entails adjustments in the firm business model as well. A useful framework to address the product-service transition is the socio-economic view of service productivity. On that basis, the paper shows how the productive strategy of the servitizing firm is linked with the business model that builds on service-dominant (S-D) logic. The resources and capabilities of the firm are central drivers in servitization. Via the empirical case study of the servitization strategies in the Finnish forest cluster, the paper extends the scope of analysis in the servitization research from the installed base -industries to the process industries. In a wider context, this paper contributes to the research collaboration between Aalto University (BIT) and Research Institute of the Finnish Economy, ETLA in the field of service research
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