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http://hdl.handle.net/10419/23205
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| Title: | | The Dynamics of R&D and Innovation in the Short Run and in the Long Run  |
| Authors: | | Peri, Giovanni Bottazzi, Laura |
| Issue Date: | | 2003 |
| Series/Report no.: | | Working papers / University of California, Department of Economics 03,7 |
| Abstract: | | In this paper we estimate the dynamic relationship between resources used in R&D by some OECD countries and their innovation output as measured by patent applications. We first estimate a long-run cointegration relation using recently developed tests and panel estimation techniques. We find that the stock of knowledge of a country, its R&D resources and the stock of international knowledge move together in the long run. Then, imposing this long-run relation across variables we analyze the impulse response of new ideas to a shock to R&D or to a shock to innovation by estimating an error correction mechanism. We find that internationally generated ideas have a very significant impact in helping innovation in a country. As a consequence, a positive shock to innovation in a large country as the US has, both in the short and in the long run, a significant positive effect on the innovation of all other countries. |
| Subjects: | | Innovation Panel Cointegration Error Correction Mechanism International R&D Spillovers |
| JEL: | | F43 O31 C23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Department of Economics, UC Davis
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