Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/326876 
Year of Publication: 
2023
Series/Report no.: 
UNU-MERIT Working Papers No. 2023-026
Publisher: 
United Nations University (UNU), Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), Maastricht
Abstract: 
In this paper we evaluate vector-error-correction model (VECM) estimations and simulations of a companion paper to show (i) internal rates of return to public R&D shocks of 17 OECD countries, (ii) the related payback periods, gain/GDP ratios, and discounted (at 4%) net present values, (iii) the underlying effects of public R&D shocks on domestic and foreign private and public R&D stocks. 14 countries show high internal rates of return from positive public R&D shocks if projects are stopped when gains get negative. Three countries show crowding out effects and require (initial) reductions of public R&D before showing positive results through crowding in of private R&D.
Subjects: 
R&D
growth
returns
JEL: 
H43
H54
O32
O47
Creative Commons License: 
cc-by-nc-sa Logo
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.