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Is Private R&D Spending Sensitive to Its Price? Empirical Evidence on Panel Data for Italy

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Author Info
Maria Laura Parisi () (Boston College, Padova University)
Alessandro Sembenelli () (Torino University, CERIS/CNR)

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Abstract

In this paper empirical evidence is presented on the elasticity of private R&D spending on its price. A censored panel-data regression model with random effects is applied to a balanced panel of 726 Italian firms over the 1992-97 period. Implied estimates point out that Italian firms' response to policy measures (including tax credits), aimed at reducing the user cost of R&D capital, is likely to be substantial (1.50-1.77). Furthermore, we also find that the elasticity of R&D spending is higher in recession (2.01) than in expansion (0.87).

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Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 493.

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Length: 25 pages
Date of creation: 15 Feb 2001
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Handle: RePEc:boc:bocoec:493

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  1. Arellano, Manuel & Honore, Bo, 2001. "Panel data models: some recent developments," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 5, chapter 53, pages 3229-3296 Elsevier. [Downloadable!] (restricted)
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  2. Scott, John T, 1995. "The Damoclean Tax and Innovation," Journal of Evolutionary Economics, Springer, vol. 5(1), pages 71-89, February.
  3. Bo Honoré & Ekaterini Kyriazidou & J. L. Powell, 2000. "Estimation of tobit-type models with individual specific effects," Econometric Reviews, Taylor and Francis Journals, vol. 19(3), pages 341-366. [Downloadable!] (restricted)
  4. Honore, Bo E, 1992. "Trimmed LAD and Least Squares Estimation of Truncated and Censored Regression Models with Fixed Effects," Econometrica, Econometric Society, vol. 60(3), pages 533-65, May. [Downloadable!] (restricted)
  5. Hall, Bronwyn & Van Reenen, John, 2000. "How effective are fiscal incentives for R&D? A review of the evidence," Research Policy, Elsevier, vol. 29(4-5), pages 449-469, April. [Downloadable!] (restricted)
  6. Bronwyn H. Hall & John van Reenen, 1999. "How Effective are Fiscal Incentives for R&D? A New Review of the Evidence," NBER Working Papers 7098, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Chamberlain, Gary, 1984. "Panel data," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 22, pages 1247-1318 Elsevier. [Downloadable!] (restricted)
  8. Wooldridge, Jeffrey M., 1995. "Selection corrections for panel data models under conditional mean independence assumptions," Journal of Econometrics, Elsevier, vol. 68(1), pages 115-132, July. [Downloadable!] (restricted)
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  1. Bronwyn H. Hall & Raffaele Oriani, 2004. "Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy," NBER Working Papers 10408, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Xulia González & Consuelo Pazó, 2004. "Firms' R&D dilemma: to undertake or not to undertake R&D," Applied Economics Letters, Taylor and Francis Journals, vol. 11(1), pages 55-59, January. [Downloadable!] (restricted)
  3. Beatriz Corchuelo & Ester Martinez-Ros, 2009. "The Effects of Fiscal Incentives for R & D in Spain," Business Economics Working Papers wb092302, Universidad Carlos III, Departamento de Economía de la Empresa. [Downloadable!]
  4. Bronwyn H. HALL & Raffaele ORIANI, 2004. "Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France," Economics Working Papers ECO2004/13, European University Institute. [Downloadable!]
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