On the cyclicality of R&D
About
"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.
Discuss On the cyclicality of R&D with other readers
Join or start a book club for On the cyclicality of R&D on Readfeed. Live chat, shared reading progress, and AI discussion questions — free to get started.
Frequently asked questions
How do I join a book club for On the cyclicality of R&D?
Sign up free on Readfeed, then browse public clubs or start your own club with On the cyclicality of R&D as the current read. Invite friends with a share link and discuss together with live chat and AI discussion questions.
Can I discuss On the cyclicality of R&D with other readers online?
Yes. Readfeed book clubs let you chat live, share progress, and join discussions about On the cyclicality of R&D with readers worldwide — whether your club is virtual, in-person, or hybrid.
Is Readfeed free?
Yes. Creating an account and joining book clubs is free. Sign up to find readers who love the same books and start discussing today.