文章基本信息
- 标题：Optimal research and development expenditure: a general equilibrium appro
- 本地全文：下载
- 作者：Galo Nuño
- 期刊名称：Documentos de Trabajo / Banco de España
- 印刷版ISSN：0213-2710
- 电子版ISSN：1579-8666
- 出版年度：2010
- 卷号：1
- 出版社：Banco de España
- 摘要：
How much should be spent in research and development (R&D)? How should R&D vary over
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the business cycle? In this paper we answer both questions in the context of a calibrated
dynamic general equilibrium model with Schumpeterian endogenous growth. Firstly,
we demonstrate that, although the existence of distortions in a decentralized economy
produces underinvestment in R&D, a simple proportional subsidy to R&D spending alone
cannot restore the first best allocation. The optimal proportional R&D subsidy attains a
second best allocation in which R&D spending exceeds its first best level. Secondly, we
show how the observed procyclicality of R&D is socially inefficient. However, the welfare
loss due to this dynamic inefficiency is much smaller than the loss due to underinvestment
in R&D.
