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Liberating Supply: Fiscal Policy and Technological Innovation in a Multicountry Model

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  • Bayoumi, Tamim
  • Coe, David T.
  • Laxton, Douglas

Abstract

This 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8596.

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Date of creation: Jun 1998
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Handle: RePEc:pra:mprapa:8596

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Keywords: Technological progress; research and development; econometric models;

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  1. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages S71-102, October.
  2. Coe, David T & Helpman, Elhanan, 1993. "International R&D Spillovers," CEPR Discussion Papers, C.E.P.R. Discussion Papers 840, C.E.P.R. Discussion Papers.
  3. Michel Juillard & Douglas Laxton, 1996. "A Robust and Efficient Method for Solving Nonlinear Rational Expectations Models," IMF Working Papers, International Monetary Fund 96/106, International Monetary Fund.
  4. Lichtenberg, Frank R. & Pottelsberghe de la Potterie, Bruno v., 1998. "International R&D spillovers: A comment," European Economic Review, Elsevier, Elsevier, vol. 42(8), pages 1483-1491, September.
  5. Eaton, Jonathan & Kortum, Samuel, 1996. "Trade in ideas Patenting and productivity in the OECD," Journal of International Economics, Elsevier, Elsevier, vol. 40(3-4), pages 251-278, May.
  6. M. Ishaq Nadiri, 1993. "Innovations and Technological Spillovers," NBER Working Papers 4423, National Bureau of Economic Research, Inc.
  7. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, Econometric Society, vol. 60(2), pages 323-51, March.
  8. Keller, Wolfgang, 1998. "Are international R&D spillovers trade-related?: Analyzing spillovers among randomly matched trade partners," European Economic Review, Elsevier, Elsevier, vol. 42(8), pages 1469-1481, September.
  9. Bayoumi, Tamim & Coe, David T. & Helpman, Elhanan, 1999. "R&D spillovers and global growth," Journal of International Economics, Elsevier, Elsevier, vol. 47(2), pages 399-428, April.
  10. Pierre Mohnen, 1994. "The Econometric Approach to R&D Externalities," Cahiers de recherche du Département des sciences économiques, UQAM, Université du Québec à Montréal, Département des sciences économiques 9408, Université du Québec à Montréal, Département des sciences économiques.
  11. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  12. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
  13. Griliches, Zvi, 1988. "Productivity Puzzles and R&D: Another Nonexplanation," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(4), pages 9-21, Fall.
  14. Robert Ford & Douglas Laxton, 1995. "World Public Debt and Real Interest Rates," IMF Working Papers, International Monetary Fund 95/30, International Monetary Fund.
  15. Buiter, Willem H, 1988. "Death, Birth, Productivity Growth and Debt Neutrality," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 98(391), pages 279-93, June.
  16. Sheffrin,Steven M., 1996. "Rational Expectations," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521479394.
  17. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, Elsevier, vol. 38(2), pages 183-198, March.
  18. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 1(1), pages 15-29, February.
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