This paper augments an R&D-based growth model of the third generation with human capital accumulation and impure altruism, calibrates it with U.S. data, and investigates whether the market provides too little or too much R&D.
This paper examines the causal relationships between the R&D sector activities of the EU and the US in a multivariate framework. As a novelty in this literature, we employ the subset transfer function methodology to account for the possibility of “dry holes” in the effects of R&D efforts on economic activity. The authors find that R&D activity in the EU is a direct Granger-cause of both R&D and economy-wide productivity in the US, and the effects are negative.
This paper examines the causal relationships between the R&D sector activities of the EU and the US in a multivariate framework. As a novelty in this literature, we employ the subset transfer function methodology to account for the possibility of “dry holes” in the effects of R&D efforts on economic activity. The authors find that R&D activity in the EU is a direct Granger-cause of both R&D and economy-wide productivity in the US, and the effects are negative.
This paper uses panel regressions to investigate the effects of innovation policies and framework factors on business R&D intensity and patenting for a sample of 20 OECD countries over the period 1982-2001. Both sets of factors are found to matter; the main determinants of innovativeness appear to be the availability of scientists and engineers, research conducted in the public sector (including universities), business-academic links, the degree of product market competition, a high level of financial development and access to foreign inventions.
The authors investigate firms incentives to locate in the same region to gain access to a large pool of skilled labour. When firms cluster, they tend to invest more and take more risk in R&D compared to spatially dispersed firms.
Accoring to the InfoBrief, companies spent $204 billion in current-year dollars on research and development performed in the United States during 2003 compared with $193.9 billion in 2002. In inflation-adjusted dollars, R&D expenditures in 2003 increased $6.2 billion (3.3 percent), following the decrease in 2002 of $11.0 billion.
The results of a recent study of the Booz Allen Hamilton Global Innovation 1000 — the 1,000 publicly held companies from around the world that spent the most on research and development in 2004 — may provoke a crisis of faith. The study,a comprehensive effort to assess the influence of R&D on corporate performance, suggests that nonmonetary factors may be the most important drivers of a company’s return on innovation investment.
The authors show using panel data on U.S. firms between 1981 and 2001 that both technology and product market spillovers operate, but that net social returns are several times larger than private returns. The spillover effects are also revealed when they analyze three high-tech sectors in detail - pharmaceuticals, computer hardware and telecommunication equipment.
This paper examines patterns and determinants of overseas R&D expenditure of MNEs, with emphasis on the East Asian experience, using a new panel dataset relating to U.S.-based manufacturing MNEs over the period 1990-2001. It is found that inter-country differences in R&D intensity of operation of US MNE affiliates are fundamentally determined by the domestic market size, overall R&D capability and cost of hiring R&D personnel.
The authors theory explains how increases in R&D intensity and educational attainment can be equilibrium responses to changing conditions that make growth more difficult.