OxTalks is Changing
During Michaelmas Term, OxTalks will be moving to a new platform (full details are available on the Staff Gateway).
For now, continue using the current page and event submission process (freeze period dates to be advised).
If you have any questions, please contact halo@digital.ox.ac.uk
The Return on Government R&D
We estimate the causal impact of publicly funded R&D on private-sector productivity growth.
Identification is based on a novel external instrument derived from a narrative classification of all significant postwar changes to federal R&D appropriations. Using long-horizon local projections and our narrative instrument, we find that higher government R&D spending predicts persistent increases in private-sector productivity growth along with other measures of innovation. We estimate that the production function elasticity of government R&D capital is 0.12, implying that the returns to nondefense government R&D averaged roughly 180-211% over 1947-2022. Our estimates suggest that public R&D and public infrastructure investment each accounted for roughly 20-25% of business-sector productivity growth since 1947.
Date:
6 June 2023, 13:15
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Room A or https://zoom.us/j/99960790792?pwd=L01NVnBQcGlqMVdQMHBiWDN3YmFMZz09
Speaker:
Karel Mertens (Federal Reserve Bank of Dallas)
Organising department:
Department of Economics
Part of:
Macroeconomics Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Daria Ihnatenko
