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How should be the levels of public and private R&D investments to trigger modern productivity growth? Empirical evidence and lessons learned for Italian economy

Mario Coccia ()

CERIS Working Paper from Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY -NOW- Research Institute on Sustainable Economic Growth - Moncalieri (TO) ITALY

Abstract: Governments in modern economies devote much policy attention to enhancing productivity and continue to emphasize its drivers such as investment in R&D. This paper analyzes the relationship between productivity growth and levels of public and private R&D expenditures. The economic analysis shows that the magnitude of R&D expenditure by business enterprise equal to 1.58% (% of GDP) and R&D expenditure of government and higher education of 1.06 (% of GDP) maximize the long-run impact on productivity growth. These optimal rates are the key to sustain productivity and technology improvements that are more and more necessary to modern economic growth.

Keywords: R&D investment; Productivity growth; Optimization (search for similar items in EconPapers)
JEL-codes: E60 H50 O40 O57 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eff, nep-ino and nep-mac
Date: 2008-12
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