EconPapers    
Economics at your fingertips  
 

R&D and Aggregate Fluctuations

Erhan Artuc and Panayiotis Pourpourides ()

No E2012/2, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

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.

Keywords: Productivity Shocks; Investment-specific Shocks; R&D; VAR (search for similar items in EconPapers)
JEL-codes: C13 C32 C68 E32 O3 (search for similar items in EconPapers)
Pages: 51 pages
Date: 2012-01
New Economics Papers: this item is included in nep-ino, nep-pbe and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://carbsecon.com/wp/E2012_2.pdf (application/pdf)

Related works:
Journal Article: R&D and aggregate fluctuations (2014) Downloads
Working Paper: R&D and Aggregate Fluctuations (2012) Downloads
Working Paper: R&D and aggregate fluctuations (2012) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cdf:wpaper:2012/2

Access Statistics for this paper

More papers in Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section Contact information at EDIRC.
Bibliographic data for series maintained by Yongdeng Xu ().

 
Page updated 2023-02-07
Handle: RePEc:cdf:wpaper:2012/2