Liberating Supply-Fiscal Policy and Technological innovation in a Multicountry Model
AbstractThis paper examines how endogenizing technological progress in a multicountry macroeconometric model affects the analysis of fiscal policies. It uses an expanded version of the IMF’s multicountry model, MULTIMOD, in which total factor productivity (TFP) is endogenized as a function of domestic research and development (R&D) expenditures, R&D expenditures of trading partners, and trade. Compared with the standard version of the model with exogenous TFP, fiscal policies have much larger and long-lived effects on the domestic economy and on other countries.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 98/95.
Date of creation: 01 Jun 1998
Date of revision:
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Other versions of this item:
- Bayoumi, Tamim & Coe, David T. & Laxton, Douglas, 1998. "Liberating Supply: Fiscal Policy and Technological Innovation in a Multicountry Model," MPRA Paper 8596, University Library of Munich, Germany.
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-16 (All new papers)
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