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R&D and absorptive capacity: from theory to data

Griffith, R; Redding, S; van Reenen, J; (2001) R&D and absorptive capacity: from theory to data. (IFS Working Papers WP 01/03 ). UCL (University College London), The Institute for Fiscal Studies: London, UK.

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Abstract

This paper presents a unified model that integrates the theoretical literatue on Schumpeterian endogenous growth, the microeconometric literature on R&D and productivity, and the empirical literature on productivity convergence. Starting from a structural model of endogenous growth following Aghion and Howitt (1992, 1998), we provide microeconomic foundations for a reduced-form equation for Total Factor Productivity (TFP) growth that is commonly used in the empirical literature. We allow a role for R&D in innovation and technology transfer (absorptive capacity). The analysis suggests that many existing studies underestimate R&D's social rate of return and provides an explanation for long-run productivity levels at the industry level.

Type: Report
Title: R&D and absorptive capacity: from theory to data
Additional information: Imported via OAI, 15:41:43 19th Jul 2007
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/175573
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