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R&D Policy In The Economy With Structural Change And Heterogeneous Spillovers

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  • Bondarev, Anton

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.

Suggested Citation

  • Bondarev, Anton, 2021. "R&D Policy In The Economy With Structural Change And Heterogeneous Spillovers," Macroeconomic Dynamics, Cambridge University Press, vol. 25(5), pages 1247-1266, July.
    • Handle: RePEc:cup:macdyn:v:25:y:2021:i:5:p:1247-1266_6
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