Econometric Modelling of R&amp;D and Australia's Productivity

Shanks, Sid; Zheng, Simon

doi:10.2139/ssrn.903720

Cited by 25 publications

(35 citation statements)

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“…We tested for autocorrelation of the error term (Durbin-Watson), and whether or not its AR1 structure should be modelled with a common coefficient for all industries or with an industry-specific parameter -finding support for the hypothesis of a common coefficient. Accordingly we estimate equation (6) Commission in a recent report (Shanks and Zheng, 2006). To limit problems of multicollinearity we estimate equation (6) using arrivals and departures separately rather than jointly.…”

Section: Pre-estimationmentioning

confidence: 99%

International business visits and the technology frontier

Dowrick

Tani

2011

Economics Letters

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in International Business Visits and the Technology FrontierSteve Dowrick Massimiliano Tani The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. D I S C U S S I O N P A P E R S E R I E SIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. This paper studies the impact of international business trips on the stock of knowledge available to an economy. It develops a theoretical model to analyse the possible effects, and presents an empirical application using productivity data for a panel of twelve Australian industries during 1991/2-2005/6. Business trips emerge as a significant source of productivity growth. As the knowledge transferred through business visits is non-rival, both countries of origin and destination can gain from the human capital of travellers. As a result, even countries traditionally disadvantaged by geography, size, or level of economic development have the opportunity to access the latest technology and information to stimulate growth.JEL Classification: F2, J6

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Section: Pre-estimationmentioning

confidence: 99%

International business visits and the technology frontier

Dowrick

Tani

2011

Economics Letters

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“…Nevertheless, it is possible to gain some sense of the possible scale of potential impacts by developing a modified growth model, introducing 'access' and 'efficiency' parameters into calculating the returns to R&D. While there are recognised limitations to the traditional growth model approach to estimating returns to R&D (Salter and Martin 2001;Scott et al 2002;Shanks and Zheng 2006), it does provide a basis for preliminary, 'ball park' estimates of the potential impacts of enhanced access.…”

Section: Quantifying the Impacts Of Enhanced Accessmentioning

confidence: 99%

“…This basic framework has been widely used in estimating the rate of return to R&D. A characteristic finding is that the social returns to R&D are high (in the region of 30-60%, and higher in some cases) (Industry Commission 1995;Salter and Martin 2001;Scott et al 2002;Dowrick 2003;Shanks and Zheng 2006). While there is considerable variation in the rates of return reported in studies around the world, these rates are indicative (Table 1).…”

Section: Estimating the Rate Of Return To Randdmentioning

confidence: 99%

7. Les modèles économiques

Suber¹

2016

Qu’est-Ce Que L’accès Ouvert ?

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The environment in which research is being conducted and disseminated is undergoing profound change, with new technologies offering new opportunities, changing research practices demanding new capabilities, and increased focus on research performance. A key question facing us today is, are there new opportunities and new models for scholarly communication that could enhance the dissemination of research findings and, thereby, increase the returns to investment in R&D?Identifying access and efficiency limitations under the subscription-based publishing model that has dominated scientific publishing, this paper explores the potential impacts of enhanced access to research outputs. We develop a modified growth model, introducing 'access' and 'efficiency' into calculating the returns to R&D. Indicative impact ranges are presented for gross expenditure on R&D (GERD) and government expenditure on R&D (GovERD) for all OECD countries. We conclude that there may be substantial benefits to be gained from increased access to research findings, and our preliminary estimates suggest that this may be fertile ground for further policy relevant inquiry.(Approx. 5,000 words)

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“…Using a multiplier value of about 0.5 would imply that the 0.4% of GDP infrastructure investment response to the crisis could, if sustained, yield a long-term additional increase of about 0.2 percentage points in GDP per capita levels (see e.g. Shanks and Barnes, 2008).…”

Section: The Impact Of Crisis Policies On Long-term Growthmentioning

confidence: 99%

Responding to the Crisis while Protecting Long-term Growth

2010

Economic Policy Reforms

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OECD countries have taken a wide range of measures in response to 18The OECD experienced a major financial crisis that led to the deepest recession since the Great Depression. GDP fell by four percentage points during 2009, industrial production and global trade shrank drastically before starting to recover from depressed levels in the second half of the year, and unemployment has risen into double digits in many OECD countries. Fortunately, governments and central banks swiftly took unprecedented steps to save the financial system, and thus avoid a complete economic collapse as in the 1930s. In addition, most governments adopted major fiscal stimulus packages, and the operation of automatic stabilisers also offered support. A wide range of other policy measures were undertaken that overall seem to have set the stage for a gradual recovery.Although the worst may have been avoided, past experience with financial crises indicates that GDP and income levels are unlikely to return any time soon to their initially projected path. Recent OECD estimates put the permanent GDP loss at about three percentage points on average across the OECD, because of a long-lasting elevation of risk premia that will raise the cost of capital, as well as persistently higher structural unemployment (OECD, 2009b). There is a considerable amount of country-specific heterogeneity, mostly on the unemployment side (see Box 1.1), as well as large Box 1.1. The effect of the crisis on potential output over the long term Recent OECD analysis estimates that even as economies eventually recover, the crisis could well reduce medium-term potential output by about 3% in the OECD area compared with levels that would have prevailed otherwise, with much of the reduction occurring already by 2010 (see OECD, 2009b. As shown in the table below, there is a large crosscountry variation in the expected impact of the crisis on potential output, reflecting partly differences in the size of the shock as well as structural policies. While the crisis will leave OECD countries poorer than they would otherwise have been, growth may not be affected by the crisis in the long term. It is nevertheless expected to slow (from the 2-2¼ per cent per annum achieved over the seven years preceding the crisis to around 1¾ per cent per annum on average in the long term) owing to unrelated reasons, not least slower growth in potential employment due to ageing populations.

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Econometric Modelling of R&D and Australia's Productivity

Cited by 25 publications

References 0 publications

International business visits and the technology frontier

International business visits and the technology frontier

7. Les modèles économiques

Responding to the Crisis while Protecting Long-term Growth

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