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Measuring R&D Spillovers: On the Importance of Geographic and Technological Proximity
The report presents evidence to suggest that an important measure of an apparent geographic localization of research and development spillovers may be an artifact of industrial agglomeration. The largest spillovers are found to flow between firms in the same industry.
Link
http://www.kc.frb.org/econres/addfiles/mjo_1.pdf