The Effectiveness of R&D Tax Credits

• 成果类型: Article
• 署名作者: Thomson, Russell
• 署名单位: Swinburne University of Technology
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00559
• 发表日期: 2017-07
• 页码: 544-549
• 关键词: panel-data models; INVESTMENT; estimators; countries; POLICY; gmm

摘要

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.