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  4. R&D and productivity in the US and the EU: Sectoral specificities and differences in the crisis
 
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2019
Journal Article
Titel

R&D and productivity in the US and the EU: Sectoral specificities and differences in the crisis

Abstract
Using data on the US and EU top R&D spenders from 2004 until 2012, this paper investigates the sources of the US/EU productivity gap. We find robust evidence that US firms have a higher capacity to translate R&D into productivity gains (especially in the high-tech macro sector), and this contributes to explaining the higher productivity of US firms. Conversely, EU firms are more likely to achieve productivity gains through capital-embodied technological change, at least in the medium- and low-tech macro sectors. Our results also show that the US/EU productivity gap has worsened during the crisis period, as the EU companies have been more affected by the economic crisis in their capacity to translate R&D investments into productivity. Based on these findings, we make a case for a learning-based and selective R&D funding, which, instead of purely aiming at stimulating higher R&D expenditures, works on improving the firms' capabilities to transform R&D into productivity gains.
Author(s)
Castellani, Davide
Univ. of Reading, Henley Business School
Piva, Mariacristina
Università Cattolica del Sacro Cuore, Piacenza, Dept. of Economic Policy
Schubert, Torben
Fraunhofer-Institut für System- und Innovationsforschung ISI
Vivarelli, Marco
Università Cattolica del Sacro Cuore Milano, Dept. of Economic Policy
Zeitschrift
Technological forecasting and social change
DOI
10.1016/j.techfore.2018.10.001
File(s)
N-518359.pdf (585.68 KB)
Language
English
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Fraunhofer-Institut für System- und Innovationsforschung ISI
Tags
  • R&D

  • productivity

  • economic crisis

  • US

  • EU

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