Eberhardt, Markus; Helmers, Christian; Strauss, Hubert - In: The Review of Economics and Statistics 95 (2013) 2, pp. 436-448
, which ignores the potential impact of spillovers on consistent estimation. Using a panel of twelve manufacturing industries … across ten OECD economies, we investigate whether ignoring spillovers leads to bias in the estimated private returns to R …&D. We compare results from a common factor framework, which accounts for spillovers and other unobserved shocks, to those …