Ruge-Leiva, Diego-Ivan - Volkswirtschaftliche Fakultät, … - 2014
considering the heterogeneous impact of unobserved common shocks, as has been done by the literature in this area. Using a panel … of 50 economies from 1970-2011, I find that when unobserved common shocks are disregarded, estimates of domestic R&D and … effects of unknown form cannot be easily separated. Therefore, unobserved common shocks should not be ignored when estimating …