Empirical Analysis of the Effects of R&D on Productivity

摘要: There is little, if any, dispute that R&D a major source of long-term productivity growth. But there empirical uncertainty about the magnitude gains from R&D. This quantitative was again highlighted in study by two colleagues at Productivity Commission (Shanks and Zheng 2006).224 They set out to update extend previous time-series analysis effects on Australia’s performance.225 Previous studies had generated estimates returns Australian seemed implausibly high – result not uncommon this type analysis, irrespective country investigation (Diewert 2005). With possibility limitations degrees freedom been an issue studies, it judged new based further 10 years or so data, plus developments tests techniques, could provide clearer fi x domestic foreign performance. As turned out, modelling results were fragile more than expected. Estimates performance fell within wide confi dence intervals sensitive seemingly reasonable modifi cations variable model specifi cations. Diagnostic revealed standard estimating equations be mis-specifi ed.