MARC Record from Library of Congress

LEADER: 01867cam a22002897a 4500
001 2007615528
003 DLC
005 20071030091727.0
007 cr |||||||||||
008 071029s2007 ohu sb f000 0 eng
010 $a 2007615528
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aOuyang, Min.
245 10 $aOn the cyclicality of R&D$h[electronic resource] :$bdisaggregated evidence /$cby Min Ouyang.
260 $a[Cleveland, Ohio] :$bFederal Reserve Bank of Cleveland,$c[2007]
490 1 $aWorking paper ;$vWP07-07R
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 10/29/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper explores the link between short-run cycles and long-run growth by examining the cyclicality of R&D. Existing theories propose that R&D is concentrated when output is low, but aggregate data repeatedly show that R&D appears procyclical. We estimate the relationship between R&D and output at the disaggregated industry level, using an annual panel of 20 U.S. manufacturing industries from 1958 to 1998. The results indicate that R&D is in fact procyclical, but interestingly, estimates using demand-shift instruments suggest that R&D responds asymmetrically to demand shocks. We discuss the possibilities that liquidity constraints and technology improvement cause the observed procyclicality of R&D"--Federal Reserve Bank of Cleveland web site.
653 $aBusiness cycles;$aeconomic growth;$aprocyclicality;$aresearch and development;$aR&D
710 2 $aFederal Reserve Bank of Cleveland.
830 0 $aWorking paper (Federal Reserve Bank of Cleveland : Online) ;$vWP07-07R.
856 40 $uhttp://www.clevelandfed.org/Research/Workpaper/2007/index.cfm