ON THE CYCLICALITY OF R&D

被引：93

作者：

Ouyang, Min ^{[1
]}

机构：

[1] Univ Calif Irvine, Irvine, CA 92623 USA

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2011年 / 93卷 / 02期

关键词：

PRODUCTIVITY;

D O I：

10.1162/REST_a_00076

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the link between short-run cycles and long-run growth by examining the cyclicality of R&D. Existing theories propose that R&D is concentrated when output is low, but aggregate data repeatedly show that R&D appears procyclical. We estimate the relationship between R&D and output using an annual panel of twenty U.S. manufacturing industries from 1958 to 1998. The results indicate that R&D is in fact procyclical, but, interestingly, estimates using demand-shift instruments suggest that it responds asymmetrically to demand shocks. We propose that liquidity constraint is an important cause for the observed procyclicality of R&D.

引用

页码：542 / 553

页数：12

共 24 条

[11] On the cyclicality of research and development [J].