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Dating the Business Cycles: Research and Development (R&D) Expenditures and New Knowledge Creation in OECD Economies over the Business Cycles

Author

Listed:
  • Manzoor Ahmad

    (Pakhtunkhwa Economic Policy Research Institute (PEPRI), Faculty of Business and Economics, Abdul Wali Khan University Mardan)

  • Zahoor Ul Haq

    (Pakhtunkhwa Economic Policy Research Institute (PEPRI), Faculty of Business and Economics, Abdul Wali Khan University Mardan)

  • Javed Iqbal

    (Pakhtunkhwa Economic Policy Research Institute (PEPRI), Faculty of Business and Economics, Abdul Wali Khan University Mardan)

  • Shehzad Khan

    (Abdul Wali Khan University Mardan)

Abstract

This study presents a chronology of OECD business cycles for the period 1983–2019. The findings showed that the OECD economies had experienced a total of ten economic boom and recession periods. The average duration of recession and boom periods was 5.9 quarters and 6.8 quarters, respectively. The lengthiest boom and recession periods in the OECD economies occurred from 1985Q1–1987Q4 and 2003Q1–2005Q3, respectively. The average decrease in research and development expenditures during recession periods was smaller than the average increase in research and development expenditures during the boom periods. The two completed research and development expenditures cycles in the OECD states included the ten-quarter peak-peak and nine-quarter trough-trough cycles. The amplitude (percent change) measure indicated that the average increase in research and development expenditures during expansions (about 4.7%) was substantially larger than the average decrease during recession periods (about 4.4%). The results also showed a negative skewness in research and development expenditures, indicating that there were slightly more significant downward spikes (rather than upward) in research and development expenditures.

Suggested Citation

  • Manzoor Ahmad & Zahoor Ul Haq & Javed Iqbal & Shehzad Khan, 2023. "Dating the Business Cycles: Research and Development (R&D) Expenditures and New Knowledge Creation in OECD Economies over the Business Cycles," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 3929-3973, December.
    • Handle: RePEc:spr:jknowl:v:14:y:2023:i:4:d:10.1007_s13132-022-01018-6
    DOI: 10.1007/s13132-022-01018-6
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