International R&D Spillovers, Innovation by Learning from Abroad and Medium-Run Fluctuations
Toshihiro Okada ()
No 183, Discussion Paper Series from School of Economics, Kwansei Gakuin University
Many developed economies experienced large and correlated fluctuations in the medium run during the postwar period. A good number of industrialized countries experienced high productivity growth during the 1960s and low growth between the early 1970s and the early 1980s. This paper develops a model of medium-run fluctuations incorporating research and development (R&D)-based endogenous growth and international R&D spillovers from a technologically leading country to a technologically lagging country. An important feature of the model is that a key role of the lagging country's R&D is innovation by leaning (IBL) from abroad. After calibration using U.S. and Japanese data, the model shows that changes in U.S.R&D expenditure alone can substantially explain Japan's medium-run fluctuations.The paper argues that the diffusion of U.S. innovations (generated by U.S. R&D) to Japan plays an important role in determining Japan's medium-run fluctuations
Keywords: International R&D spillovers; technology diffusion; endogenous growth; medium-run fluctuations. (search for similar items in EconPapers)
JEL-codes: E32 O19 O33 O41 (search for similar items in EconPapers)
Pages: 63 pages
New Economics Papers: this item is included in nep-cse, nep-gro, nep-ino, nep-mac, nep-sbm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:kgu:wpaper:183
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