Facts and distortions in an endogenous growth model with physical capital, human capital and varieties
This article studies a model with physical and human capital accumulation and varieties. The model includes several distortions: duplication effects, spillovers, creative destruction, surplus appropriability, and an erosion effect. We show that the duplication effect in R&D is essential to make the model replicate several stylized facts linked with R&D. We evaluate the distance to the optimal solution, comparing the strength of each distortion. Copyright Springer-Verlag 2012
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Volume (Year): 11 (2012)
Issue (Month): 3 (December)
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