|
EconStor >
Cardiff University >
Cardiff Business School, Cardiff University >
Cardiff Economics Working Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/65723
|
| | |
| Title: | | R&D and aggregate fluctuations  |
| Authors: | | Artuç, Erhan Pourpourides, Panayiotis M. |
| Issue Date: | | 2012 |
| Series/Report no.: | | Cardiff Economics Working Papers E2012/2 |
| Abstract: | | Using US data for the period 1959-2007, we identify sectoral productivity shocks and capital investment-specific shocks by employing a Vector Autoregression whose shock structure is disciplined by a general equilibrium model. Controlling for real and nominal factors, we find that capital investment-specific shocks explain 70 percent of fluctuations of R&D investment while R&D technology shocks explain 30 percent of the variation of aggregate output net of R&D investment (i.e. the output of the non-R&D sector). Technology shocks jointly explain almost all the variation of output in the R&D sector and 78 percent of the variation of output in the non-R&D sector. |
| Subjects: | | Cycles Productivity Shocks Investment-specific Shocks R&D VAR |
| JEL: | | C13 C32 C68 E32 O3 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Cardiff Economics Working Papers
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/65723
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|