R&D, Innovation and Knowledge Spillovers: A Reappraisal of Bottazzi and Peri (2007) in the Presence of Cross-Sectional Dependence
复现了Bottazzi和Peri（2007）关于OECD国家知识存量与研发关系的经典研究，采用考虑截面依赖的新估计方法，发现主要结论稳健且知识溢出作用更大。
Bottazzi and Peri (Economic Journal 2007; 117: 486–511) show the existence of a cointegrating relationship \nbetween the domestic stock of knowledge, domestic R&D and the international knowledge stock for a panel \nof OECD countries and interpret it as evidence supporting the semi-endogenous versus the endogenous growth \ntheory.We replicate the baseline specification of their study and we show that main results are robust to the use of \na different estimation strategy (Bai et al., Journal of Econometrics 2009; 149: 82–99) that duly takes into account \ncross-sectional correlation: interestingly, in this case we also find a larger role for knowledge spillovers.