DOES SCIENTIFIC AND TECHNICAL RESEARCH REDUCE MACROECONOMIC VOLATILITY?
Sam Hak Kan Tang
Bulletin of Economic Research, 2018, vol. 70, issue 1, E68-E88
This paper explores whether conducting scientific and technical (S&T) research reduces the volatility of output growth. The paper finds robust evidence that output volatility is significantly lowered by a country's production of S&T publications. The results show that the effect of S&T publications on output volatility is particularly strong in middleâ€ income, OECD and other highâ€ income countries. However, for Eastâ€ Asian, lowâ€ income and subâ€ Saharan African countries the effect is either weak or absent. These results provide strong evidence that not only OECD and other highâ€ income countries are actively engaged in S&T research, emerging developing countries are also conducting S&T research, which is effective in reducing output volatility. The results are robust to adding a host of control variables, various subsamples and different estimation techniques.
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