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, the share of R&D expenditures over GDP fluctuated between 2.27% and 2.82%.2 Over the same time period, firms in the U.S. spent on average around 2.2% of GDP on advertising each year.3 Yet, the growth literature is relatively silent on the potential interaction between R&D and advertising expenditures and its potential impact on firm growth, firm dynamics and long run economic development.
3Source: Coen Structured Advertising Expenditure Dataset, extracted from the McCann Erikson advertising agency, run- ning until 2007 (available at http://www.purplemotes.net/2008/09/14/us-advertising-expenditure-data/).
These data include advertising expenditures on TV, newspapers, radio, magazines, telephone directories, the Internet, direct mail, billboard and outdoor advertising, and business papers (trade press).
R&D and advertising intensities are measured as the ratio of total R&D and advertising expenditures to total sales within each group.
, advertising expenditures normalized by size) and firm size, which can be observed in the lower-left panel of Figure 1.
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