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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

Abstract: 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
Date: 2018-09
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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