Does scientific and technical research reduce macroeconomic volatility?

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This paper explores whether conducting scientific and technical (S&T) research reduces the volatility of output growth. The paper finds robust evidence that output volatility is significantly lowered by a country's production of S&T publications. The results show that the effect of S&T publications on output volatility is particularly strong in middle-income, OECD and other high-income countries. However, for East-Asian, low-income and sub-Saharan African countries the effect is either weak or absent. These results provide strong evidence that not only OECD and other high-income countries are actively engaged in S&T research, emerging developing countries are also conducting S&T research, which is effective in reducing output volatility. The results are robust to adding a host of control variables, various subsamples and different estimation techniques.

Original languageEnglish
Pages (from-to)E68-E88
JournalBulletin of Economic Research
Issue number1
Publication statusPublished - Jan 2018


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