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JOINT VIENNA
MACROECONOMICS
SEMINAR |
INVITATION |
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The Joint Vienna Institute and the Institute for Advanced Studies cordially invite you to the following Joint Vienna Macroeconomics Seminar
Wednesday, April 26, 2017
Institute for Advanced Studies
Josefstädter Straße 39, 1080 Vienna
Seminar Room 101, 1st floor
5:00 pm
International Monetary Fund
Does Import Competition Induce R&D Reallocation? Evidence from the U.S. Abstract: We analyze the impact of rising import competition from China on U.S. innovative activities, both at the firm level and at the industry level. Using Compustat firm-level data, we identify a negative effect of import competition
on R&D expenditures of U.S. public firms. Since import competition is measured at the industry level, the average negative effect masks potential heterogeneity across firms within an industry. Indeed we find that import competition induces R&D to reallocate
towards more productive, less financially constrained and more profitable firms. When we take the analysis to the industry level, the negative effect of import competition goes away. In addition, our analysis using population census data suggests that rising
competition from China in manufacturing has led to reallocation of researchers towards booming service industries, including business and repairs, personal services, and financial services.
IHS Institute for Advanced Studies
Josefstädter Straße 39, 1080 Vienna, Austria
Tel.: +43 1 599 91 - 0
e-Mail: economics@ihs.ac.at
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