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How Robust is the R&D – Productivity relationship? Evidence from OECD Countries

Mosahid Khan, Kul Luintel () and Konstantinos Theodoris ()
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Konstantinos Theodoris: Bank of England, London, United Kingdom

Authors registered in the RePEc Author Service: Konstantinos Theodoridis ()

No 1, WIPO Economic Research Working Papers from World Intellectual Property Organization - Economics and Statistics Division

Abstract: We examine the robustness of R&D and productivity relationship in a panel of 16 OECD countries. We control for fifteen productivity determinants predicted by different theoretical models. Following the advances in non-stationary panel data econometrics, we estimate four variants of thirteen specifications. All models appear co-integrated. Results are rigorously scrutinized through extensive bootstrap simulations and sensitivity checks. R&D and human capital emerge robust in all specifications making them universal drivers of productivity across nations. Most other determinants are also significant. Productivity relationships are heterogonous across countries depending on their accumulated stocks of knowledge and human capital.

Keywords: R&D Capital Stocks; Multifactor Productivity; Heterogeneity; Panel Cointegration; Bootstrap Simulations. (search for similar items in EconPapers)
JEL-codes: F12 F2 O3 O4 C15 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2010-12, Revised 2010-12
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Published in Journal of Productivity Analysis, October 2014, Volume 42, Issue 2, pp 137-155

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