R&D POLICY IN THE ECONOMY WITH STRUCTURAL CHANGE AND HETEROGENEOUS SPILLOVERS

Anton Bondarev ()

Macroeconomic Dynamics, 2021, vol. 25, issue 5, 1247-1266

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.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:25:y:2021:i:5:p:1247-1266_6

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