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Do Business Cycles Alter the Composition of Research and Development Expenditures?

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Author Info
Matthew Rafferty

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Abstract

Do business cycles cause firms to alter the composition of research and development (R&D) expenditures? This article uses aggregate data on U.S. firm-financed R&D expenditures during the 1956-96 period to address this issue. The mix of R&D expenditures changes over the business cycles with firms increasing the amount of basic R&D and reducing the amount of development R&D during recessions. Though the effects are small, the results raise the possibility that business cycles influence the rate of long-run growth. (JEL "E33", "O30") Copyright 2003 Western Economic Association International.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1093/cep/byg020
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Publisher Info
Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 21 (2003)
Issue (Month): 3 (07)
Pages: 394-405
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Handle: RePEc:bla:coecpo:v:21:y:2003:i:3:p:394-405

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  1. Daniel Giedeman & Paul Isely & Gerald Simons, 2006. "Innovation and the Business Cycle: A Comparison of the U.S. Semiconductor and Automobile Industries," International Advances in Economic Research, Springer, vol. 12(2), pages 277-286, May. [Downloadable!] (restricted)
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This page was last updated on 2009-11-22.

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