Patents, R&D and Lag Effects: Evidence from Flexible Methods for Count Panel Data on Manufacturing Firms
40 Pages Posted: 1 Jun 2007
Date Written: March 2007
Abstract
This paper investigates the relationship between patents and research and development expenditures using new longitudinal patent data at the firm level for the U.S. manufacturing sector from 1982-1992. The paper also develops a new class of count panel data models based on series expansion of the distribution of individual effects. Estimation results from various distributed lag and dynamic multiplicative panel count data models show that the contemporaneous relationship between patenting and R&D expenditures continues to be strong, accounting for over 60% of the total R&D elasticity. The lag effects are higher than have previously been found for the 1970's data.
Keywords: Innovative activity, Patents and R&D, Individual effects, Count panel data methods
JEL Classification: C20, O30
Suggested Citation: Suggested Citation
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