AN EMPIRICAL EXAMINATION OF THE PROCYCLICALITY OF R&D INVESTMENT AND INNOVATION

The Schumpeterian opportunity cost hypothesis predicts that firms concentrate innovative activities in recessions. However, empirical evidence suggests that innovative activities are procyclical. Theory proposes that firms shift R&D investments and innovation from recessions to booms to maximize...

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Veröffentlicht in:	The review of economics and statistics 2014-10, Vol.96 (4), p.662-675
Hauptverfasser:	Fabrizio, Kira R., Tsolmon, Ulya
Format:	Artikel
Sprache:	eng
Schlagworte:	Business innovation Demand Economic rent Economic theory Financial services industries Forecasts Industrial machinery Industrial output Industrial productivity Industry Innovation Innovations Inventions Investment Procyclicality Rates of return Recession Recessions Research & development expenditures Research and development Studies Technological innovation
Online-Zugang:	Volltext
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