NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Robert H. McGuckin, III

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Working Papers

January 2007International Comparisons of R&D Expenditure: Does an R&D PPP Make a Difference?
with Sean M. Dougherty, Robert Inklaar, Bart van Ark: w12829
Purchasing power parities (PPPs) for R&D expenditure in 19 manufacturing industries are developed for France, Germany, Japan, the Netherlands and the United Kingdom relative to the United States for the years 1997 and 1987. These PPPs are based on R&D input prices for specific cost categories and differ substantially from current practice of comparing R&D expenditure using GDP PPPs and deflators. After taking into account differences in the relative price of R&D labor and materials, separate PPPs for other R&D cost categories are less essential, and a simpler version using GDP PPPs for these other categories should suffice. Our preferred PPPs are used to compare international R&D costs and intensity. The results suggest that the efforts devoted to R&D in each country are more similar acros...

Published: International Comparisons of R&D Expenditure: Does an R&D PPP Make a Difference?, Sean M. Dougherty, Robert Inklaar, Robert H. McGuckin, Bart van Ark. in Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches, Berndt and Hulten. 2007

August 2001The Composite Index of Leading Economic Indicators: How to Make It More Timely
with Ataman Ozyildirim, Victor Zarnowitz: w8430
A major shortcoming of the U.S. leading index is that it does not use the most recent information for stock prices and yield spreads. The index methodology ignores these data in favor of a time-consistent set of components (i.e., all of the components must refer to the previous month). An alternative is to bring the series with publication lags up-to-date with forecasts and create an index with a complete set of most recent components. This study uses tests of ex-ante predictive ability of the U.S. leading index to evaluate the gains to this new 'hot box' procedure of statistical imputation. We find that, across a variety of simple forecasting models, the new approach offers substantial improvements.

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