The paper analyzes the main macroeconomic indicators of innovation and research which can be used to construct the production function of the Russian Federation. Drawing on the Federal State Statistic Service data for 1995-2013, 21 indicators were considered. The factors that can really determine the growth of the country gross domestic product were identified among them by means of cointegration analysis. Pair-wise linkages with GDP were analyzed for these eight indicators. The econometric model of the Russian production function in the form of Cobb - Douglas was built using the results of the selection. It takes into account investments in fixed assets and the ratio of the number of R&D personnel and the number of researchers. The modeling results can be used in further studies of the effect of innovation, R&D and highly skilled human capital on economic growth in Russia.
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