Pedro Serôdio
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Click here for my CV.
Contact information: Department of Economics Warwick University Coventry CV4 7AL Phone number: 72729 (non Warwick users should add 024-765 to the beginning of this number) Office: S2.140 |
Recent research:
R&D Smoothing: a tentative consensus on the cyclicality of research spending
Abstract: Using industry and firm level data on research spending and value added, I revisit the debate over the cyclical pattern of R&D and its implications for Schumpeter's opportunity cost hypothesis. The results overwhelmingly suggest that there is a significant degree of smoothing in research spending, which implies both pro-cyclical behaviour in its growth rate as well as counter-cyclical behaviour in the share of R&D on output. Evidence in favour of modified version of the opportunity cost hypothesis is also uncovered, with firms investing counter-cyclically in research as measured by its ratio with respect to the sum of R&D and capital expenditures. Established theories for the observed pro-cyclical behaviour are formally tested, with those based on the demand-pull idea receiving significantly more empirical support than alternatives such as internal and/or external financial constraints. |
References
Prof. Christian Ghiglino
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Department of Economics, University of Essex
email: [email protected] phone: +44(0)1206872744 Department of Economics, University of Essex email: [email protected] phone: +44(0)1206873559 Department of Economics, University of Essex email: [email protected] phone: +44(0)1206872724 |