Bottazzi and Peri (Economic Journal 2007;117: 486–511) show the existence of a cointegrating relationship between the domestic stock of knowledge, domestic R&D and the international knowledge stock for a panel of OECD countries and interpret it as evidence supporting the semi-endogenous versus the endogenous growth theory. We replicate the baseline specification of their study and we show that main results are robust to the use of a different estimation strategy (Bai et al.,Journal of Econometrics 2009;149: 82–99) that duly takes into account cross-sectional correlation: interestingly, in this case we also find a larger role for knowledge spillovers.
R&D, INNOVATION AND KNOWLEDGE SPILLOVERS: A REAPPRAISAL OF BOTTAZZI AND PERI (2007) IN THE PRESENCE OF CROSS-SECTIONAL DEPENDENCE
CASTAGNETTI, CAROLINA;
2013-01-01
Abstract
Bottazzi and Peri (Economic Journal 2007;117: 486–511) show the existence of a cointegrating relationship between the domestic stock of knowledge, domestic R&D and the international knowledge stock for a panel of OECD countries and interpret it as evidence supporting the semi-endogenous versus the endogenous growth theory. We replicate the baseline specification of their study and we show that main results are robust to the use of a different estimation strategy (Bai et al.,Journal of Econometrics 2009;149: 82–99) that duly takes into account cross-sectional correlation: interestingly, in this case we also find a larger role for knowledge spillovers.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
