Research output and economic growth in G7 countries : new evidence from asymmetric panel causality testing

摘要

Recent studies have shown increasing interest on the relationship between research output andeconomic growth. The study of such a relationship is not only of theoretical interest, but it canalso influence specific policies to improve the quality, and probably the quantity of researchoutput. This paper has studied this relationship in G7 countries using the asymmetric panelcausality test of Hatemi-J (2011). Our results show that only the United Kingdom shows a causalrelationship from the output of research to real GDP. However, when the signs of variations aretaken into account, there is an asymmetric causality running from negative research outputshocks to negative real GDP shocks.