Macroeconomic conditions and the determinants of commercialisation
研究了宏观经济状况如何影响发明商业化，发现其呈顺周期变化，但融资成本和公共研究等供给侧因素影响更大。
The commercialization of inventions is an investment, similar to spending on plant and equipment, and accordingly we would expect it to be affected by macroeconomic conditions. Using data on the commercialization activity from over 4000 inventors, we find evidence that macroeconomic conditions have a pro-cyclical affect on commercialization activities. However, the magnitude of the supply-side effects - the cost of finance and level of public sector research - are estimated to be larger than the growth in aggregate or industry demand.