Existing empirical studies do not concur on whether R&D spending is procyclical or countercyclical: the former hypothesis is supported by studies of aggregate R&D spending, whereas the latter is vindicated by firm-level evidence. Nikolay Chernyshev reconciles the two facts by advancing a general equilibrium framework.
Many colleges and universities have institutional memberships. If you are affiliated with a subscribing institution, please access Faculti through your on-campus or proxy IP address. Alternatively, as a Guest, you have insight(s) remaining for this month. Register for free and view more today.