Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

I speculate that technological spillover effects may have become more important over time as IT penetrated the U.S. economy. The rationale is that IT may speed up the process of knowledge transfer and make these knowledge spillovers more effective. Using US input-output tables for years 1958, 1967, 1977, 1987, 1997, and 2007, I compare my new results with Wolff and Nadiri (1993) covering years 1947-1977 and Wolff (1997) covering 1958- 1987. I estimate that the direct rate of return to R&D is now 22% and the indirect rate of return to R&D is 37%. The former is higher than in the previous studies. The indirect rate of return to R&D is now significant at the one percent level, in comparison to a 10 percent significance level in Wolff (1997). The newly estimated social rate of return to R&D is 59%, compared to 53% in Wolff (1997). In contrast to the earlier studies, the coefficients of R&D embodied in new investment are now statistically significant at the five percent level. Separate regressions on the 1958-1987 and 1987-2007 periods and the addition of successive periods to the sample also suggest a strengthening of R&D spillovers between the 1958-1987 and 1987-2007 periods. A decomposition of TFP growth also indicates a higher contribution from R&D spillovers in the later period. These results suggest a strengthening of the R&D spillover effect over time.

Zonder onderwerpscode: economie

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Pensions --- Old age pensions --- Social security --- Retirement income

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Using data from both the Survey of Consumer Finances (SCF) and the Panel Study of Income Dynamics (PSID), we found that on average over the period from 1984 to 2007, about one fifth of American households at a given point of time received a wealth transfer and these accounted for about a quarter of their net worth. Over the lifetime, about 30 percent of households could expect to receive a wealth transfer and these would account for close to 40 percent of their net worth near time of death. However, there is little evidence of an inheritance "boom." In fact, from 1989 to 2007, the share of households in the SCF reporting a wealth transfer fell by 2.5 percentage points. The average value of inheritances received among all households did increase but at a slow pace, by 10 percent, but wealth transfers as a proportion of current net worth fell sharply over this period, from 29 to 19 percent. We also found, somewhat surprisingly, that inheritances and other wealth transfers tend to be equalizing in terms of the distribution of household wealth. Indeed, the addition of wealth transfers to other sources of household wealth has had a sizeable effect on reducing the inequality of wealth.

Personal Income, Wealth, and Their Distributions --- Demographic Economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

I speculate that technological spillover effects may have become more important over time as IT penetrated the U.S. economy. The rationale is that IT may speed up the process of knowledge transfer and make these knowledge spillovers more effective. Using US input-output tables for years 1958, 1967, 1977, 1987, 1997, and 2007, I compare my new results with Wolff and Nadiri (1993) covering years 1947-1977 and Wolff (1997) covering 1958- 1987. I estimate that the direct rate of return to R&D is now 22% and the indirect rate of return to R&D is 37%. The former is higher than in the previous studies. The indirect rate of return to R&D is now significant at the one percent level, in comparison to a 10 percent significance level in Wolff (1997). The newly estimated social rate of return to R&D is 59%, compared to 53% in Wolff (1997). In contrast to the earlier studies, the coefficients of R&D embodied in new investment are now statistically significant at the five percent level. Separate regressions on the 1958-1987 and 1987-2007 periods and the addition of successive periods to the sample also suggest a strengthening of R&D spillovers between the 1958-1987 and 1987-2007 periods. A decomposition of TFP growth also indicates a higher contribution from R&D spillovers in the later period. These results suggest a strengthening of the R&D spillover effect over time.