R&D POLICY in the ECONOMY with STRUCTURAL CHANGE and HETEROGENEOUS SPILLOVERS

Anton Bondarev

doi:10.1017/S1365100519000646

R&D POLICY in the ECONOMY with STRUCTURAL CHANGE and HETEROGENEOUS SPILLOVERS

Anton Bondarev^*

^*Corresponding author for this work

Department of Economics

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

Abstract

This paper develops an endogenous growth model with doubly differentiated R&D being the growth engine. The model incorporates dynamic structural change and heterogeneous knowledge spillovers. As a result, decentralized economy may exhibit non-monotonic growth paths and declining R&D productivity. Conditions on the knowledge spillover operator granting the existence of balanced growth for first-best and market economies are obtained. Different regulation tools helpful in achieving the sustainable path and their limits are studied.

Original language	English
Pages (from-to)	1247-1266
Number of pages	20
Journal	Macroeconomic Dynamics
Volume	25
Issue number	5
DOIs	https://doi.org/10.1017/S1365100519000646
Publication status	Published - Jul 2021

Keywords

Dynamic Stability
Endogenous Structural Change
Government Regulation
Knowledge Spillovers
Sustainable Growth

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10.1017/S1365100519000646

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abstract = "This paper develops an endogenous growth model with doubly differentiated R\&D being the growth engine. The model incorporates dynamic structural change and heterogeneous knowledge spillovers. As a result, decentralized economy may exhibit non-monotonic growth paths and declining R\&D productivity. Conditions on the knowledge spillover operator granting the existence of balanced growth for first-best and market economies are obtained. Different regulation tools helpful in achieving the sustainable path and their limits are studied.",

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AB - This paper develops an endogenous growth model with doubly differentiated R&D being the growth engine. The model incorporates dynamic structural change and heterogeneous knowledge spillovers. As a result, decentralized economy may exhibit non-monotonic growth paths and declining R&D productivity. Conditions on the knowledge spillover operator granting the existence of balanced growth for first-best and market economies are obtained. Different regulation tools helpful in achieving the sustainable path and their limits are studied.

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KW - Government Regulation

KW - Knowledge Spillovers

KW - Sustainable Growth

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R&D POLICY in the ECONOMY with STRUCTURAL CHANGE and HETEROGENEOUS SPILLOVERS

Abstract

Keywords

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