期刊名称：Journal of Applied Economics and Business Research
电子版ISSN：1927-033X
出版年度：2013
卷号：3
期号：3
页码：133-145
出版社：Journal of Applied Economics and Business Research
摘要：This paper builds up an endogenous growth model à la Aghion and Howitt (1992) and Boucekkine et al (2005). We assume that R&D firms use only investment good as input, instead of final good as hypothesized in the above two models. We show that investment price will be a negative function of aggregate quality index; and thus decline over time. In this model, subsidy on R&D has growth-enhancing effect. Moreover, this model predicts unambiguously that R&D is procyclical.
关键词：Endogeneous growth model; real business cycle; research and development
