Hall, Bronwyn H.; Hayashi, Fumio - 2021
About 20 percent of the gross investment expenditures of U.S. manufacturing firms is expenditures on research and … that was developed within the Productivity Program of the NBER, we investigate the differential responses of these two … overall profitability of the firm, and one to the "productivity" of R&D. In the empirical estimates, we find that these two …