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Knowledge spillovers and the timing of R&D policy

  • Geir H. Bjertnæs
  • Tom-Reiel Heggedal
  • Karl Jacobsen
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    In this paper we analyze how knowledge spillovers influence the optimal timing of R&D policy. We find that the optimal R&D subsidy profile may be falling, increasing or constant. The time profile of the subsidy rates is crucially dependent on the elasticity of scale in R&D production, i.e. the spillover parameter plus labor elasticity, and the sign of the optimal growth rate of the knowledge stock. Constant subsidy rates are only optimal in knife edge cases. The problems are solved using both an analytical framework and numerical simulations.

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    File URL: http://degit.sam.sdu.dk/papers/degit_14/c014_042.pdf
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    Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c014_042.

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    Length: 22 pages
    Date of creation: Jun 2009
    Date of revision:
    Handle: RePEc:deg:conpap:c014_042
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    1. Reyer Gerlagh & Snorre Kverndokk & Knut Einar Rosendahl, 2007. "Optimal Timing of Environmental Policy. Interaction between Environmental Taxes and Innovation Externalities," Discussion Papers 493, Research Department of Statistics Norway.
    2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
    3. Heggedal, Tom-Reiel & Jacobsen, Karl, 2011. "Timing of innovation policies when carbon emissions are restricted: An applied general equilibrium analysis," Resource and Energy Economics, Elsevier, vol. 33(4), pages 913-937.
    4. Kverndokk, Snorre & Rosendahl, Knut Einar, 2007. "Climate policies and learning by doing: Impacts and timing of technology subsidies," Resource and Energy Economics, Elsevier, vol. 29(1), pages 58-82, January.
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