International R&D Spillovers: An Application of Estimation and Inference in Panel Cointegration
应用面板协整理论，用三种估计方法分析国外研发对全要素生产率的影响，发现国内研发与生产率相关。
In this paper, we apply the asymptotic theory of panel cointegration developed by Kao and Chiang (1997) to Coe and Helpman's (1995) international R&D spillovers regression. The OLS with bias-correction, the fully-modified (FM) and the dynamic OLS (DOLS) estimations produce different predictions abaout the impact of foreign R&D on total factor productivity (TFP), although all the estimations support the result that domestic R&D is related to TFP.