1、Working Papers|9828.11.2022AbstractProductivity of the Finnish private sector decreased during the financial crisis of 20082009 and,since then,productivity growth has not reached the level preceding the crisis.A key factor underlying productivity growth is R&D.The population of Finnish firms,excludi

2、ng Nokia,have increased their R&D inputs since the financial crisis.Therefore,it is worthwhile considering whether chang-es in productivity effects of R&D,instead of changes in volumes of R&D inputs,may explain the slowdown in productivity growth.This paper estimates productivi-ty effects of Finnish

3、 firms R&D inputs in several indus-tries for the years 20012009 and 20102018.The es-timates are used to find out whether the productivity effects of R&D have decreased after the financial crisis.The empirical strategy(Doraszelski and Jaumandreu,2013)allows for productivity effects that are nonlin-ea

4、r and heterogeneous across firms.For most of the industries studied,there is no statistical evidence that the productivity effects of R&D are lower for the years 20102018 than for the years 20012009.Instead,there is evidence that,in some industries,the productivity ef-fects of R&D increased after th

5、e financial crisis.In other words,low productivity growth after the financial crisis does not seem to be caused by a decrease in the pro-ductivity effects of R&D.Nelli ValmariEtla Economic Research,Finlandnelli.valmarietla.fiSuggested citation:Valmari,Nelli(28.11.2022).“R&D and Productivity in Finni

6、sh Firms”.ETLA Working Papers No 98.http:/pub.etla.fi/ETLA-Working-Papers-98.pdfR&D and Productivity in Finnish Firms2ETLA Working Papers|No 98T&k ja tuottavuus Suomen yrityssektorillaSuomen yrityssektorin tuottavuus laski vuosien 20082009 finanssikriisin aikana,eik tuottavuuskehitys sen jlkeen ole