Have R&D Spillovers Changed?

25 Pages Posted: 20 Jul 2017

See all articles by Brian Lucking

Brian Lucking

Stanford University

Nicholas Bloom

Stanford University - Department of Economics; National Bureau of Economic Research (NBER)

John Van Reenen

Massachusetts Institute of Technology (MIT)

Multiple version iconThere are 2 versions of this paper

Date Written: July 16, 2017

Abstract

This paper revisits the results of Bloom, Schankerman, and Van Reenen (2013) on the impact of R&D spillovers on growth. We extend their analysis to include an additional 15 years of data on firm R&D and performance, and update the measures of firms’ interactions in technology space and product market space. We show that the magnitude of spillovers appears to have been broadly stable over the past few decades. In comparison to the earlier analysis, indeed we find stronger evidence of strategic complementarity in R&D and a larger gap between the marginal social return and the marginal private return to R&D, with the marginal social return exceeding the marginal private return by a factor of 4.

Keywords: Innovation, R&D, Patents, Productivity and Spillovers

JEL Classification: O31, O32, O33, F23

Suggested Citation

Lucking, Brian and Bloom, Nicholas and Van Reenen, John, Have R&D Spillovers Changed? (July 16, 2017). Available at SSRN: https://ssrn.com/abstract=3003576 or http://dx.doi.org/10.2139/ssrn.3003576

Brian Lucking

Stanford University ( email )

Nicholas Bloom (Contact Author)

Stanford University - Department of Economics ( email )

Landau Economics Building, Room 231
579 Serra Mall
Stanford, CA 94305-6072
United States
650-725-7836 (Phone)

HOME PAGE: http://economics.stanford.edu/faculty/bloom

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

John Van Reenen

Massachusetts Institute of Technology (MIT) ( email )

77 Massachusetts Avenue
50 Memorial Drive
Cambridge, MA 02139-4307
United States

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