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Are There International R&D Spillovers Among Randomly Matched Trade Partners? A Response to Keller

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  • David T. Coe
  • Willy W. Hoffmaister

Abstract

Keller (1998) reexamines Coe and Helpman’s (1995) analysis of international R&D spillovers focusing on the weights used to define the foreign R&D capital stock. Keller creates “random” weights and shows that they give rise to positive estimates of international R&D spillovers, casting doubts on the robustness of Coe and Helpman’s findings. We show that Keller’s “random” weights are essentially simple averages with a random error. We derive alternative random weights and present regressions showing that when they are used to define the foreign R&D capital stock, the estimated international R&D spillover estimates are nonexistent, as would be expected.

Suggested Citation

  • David T. Coe & Willy W. Hoffmaister, 1999. "Are There International R&D Spillovers Among Randomly Matched Trade Partners? A Response to Keller," IMF Working Papers 99/18, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:99/18
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    4. Calmfors, Lars, 1993. "Lessons from the macroeconomic experience of Sweden," European Journal of Political Economy, Elsevier, vol. 9(1), pages 25-72, March.
    5. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-894, October.
    6. Christopher A. Pissarides, 1992. "Loss of Skill During Unemployment and the Persistence of Employment Shocks," The Quarterly Journal of Economics, Oxford University Press, vol. 107(4), pages 1371-1391.
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