Does federally financed business R&D matter for US productivity growth?
This paper investigates the impact of federally financed business R&D on productivity of the US nonfarm business sector. Results of a cointegration analysis suggest that a long run relation between productivity and total (privately and federally financed) R&D capital stock exists. Moreover, the estimation results do not confirm the finding of previous empirical studies that the productivity effects of federally financed business R&D are lower compared with those of privately financed business R&D.
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Volume (Year): 35 (2003)
Issue (Month): 15 ()
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References listed on IDEAS
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- Stock, James H, 1987. "Asymptotic Properties of Least Squares Estimators of Cointegrating Vectors," Econometrica, Econometric Society, vol. 55(5), pages 1035-1056, September.
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