The Effectiveness of R&D Tax Credits
利用行业间研发投资的资本劳动比差异以及各国各时期对不同支出类型的税收处理差异，估计出研发税收抵免的短期弹性为0.50，是此前跨国研究估计值的两倍多。
In order to measure the effect of tax credits on private R&D investment, researchers confront the difficult problem of finding an exogenous measure of tax policy that exhibits sufficient variation to support robust identification. This paper takes a new approach based on exploiting differences in the average capital-labor ratio of R&D investment across industries and variation in the tax treatment of different expenditure types across countries and over time. The estimated short-run elasticity is 0.50 which is somewhat more than double previous estimates derived from cross-country analysis.