Pourpourides, Panayiotis ORCID: https://orcid.org/0000-0002-2986-4094 and Artuç, Erhan 2012. R&D Sectors and aggregate fluctuations. [Working Paper]. Working Papers, vol. 1. Central Bank of Cyprus. Available at: http://www.centralbank.gov.cy/media/pdf/NPWPE_No1_... |
Official URL: http://www.centralbank.gov.cy/media/pdf/NPWPE_No1_...
Abstract
Using US data for the period 1959-2007, we identify sectoral productivity shocks and capital investment-specific shocks by employing a Vector Autoregression whose shock structure is disciplined by a general equilibrium model. Controlling for real and nominal factors, we find that capital investment-specific shocks explain 70 percent of fluctuations of R&D investment while R&D technology shocks explain 30 percent of the variation of aggregate output net of R&D investment (i.e. the output of the non-R&D sector). Technology shocks jointly explain almost all the variation of output in the R&D sector and 78 percent of the variation of output in the non-R&D sector.
Item Type: | Monograph (Working Paper) |
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Date Type: | Publication |
Status: | Published |
Schools: | Business (Including Economics) |
Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory |
Publisher: | Central Bank of Cyprus |
Last Modified: | 25 Oct 2022 08:06 |
URI: | https://orca.cardiff.ac.uk/id/eprint/51415 |
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