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Back to Basics: Basic Research Spillovers, Innovation Policy and Growth

  • Ufuk Akcigit
  • Douglas Hanley
  • Nicolas Serrano-Velarde
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    This paper introduces a model of endogenous growth through basic and applied research. Basic research differs from applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically identifying these spillovers and embed them in a general equilibrium framework with private firms and a public research sector. After characterizing the equilibrium, we estimate our model using micro-level data on research expenditures by French firms. Our key finding is that standard R&D policies can accentuate the dynamic misallocation in the economy. We also find a strong complementarity between the property rights of basic research and the optimal funding of public research.

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    File URL: http://www.nber.org/papers/w19473.pdf
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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19473.

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    Date of creation: Sep 2013
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    Handle: RePEc:nbr:nberwo:19473
    Note: EFG IO PR
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    1. María Morales, 2004. "Research policy and endogenous growth," Spanish Economic Review, Springer, vol. 6(3), pages 179-209, October.
    2. E. Bacchiocchi & F. Montobbio, 2009. "Knowledge diffusion from university and public research. A comparison between US, Japan and Europe using patent citations," The Journal of Technology Transfer, Springer, vol. 34(2), pages 169-181, April.
    3. Link, Albert N, 1981. "Basic Research and Productivity Increase in Manufacturing: Additional Evidence," American Economic Review, American Economic Association, vol. 71(5), pages 1111-12, December.
    4. Henderson, R. & Jaffe, A.B.: Tratenberg, M., 1995. "Universities as a Source of Commercial Technology: A Detailed Analysis of University Patenting 1965-1988," Papers 09-95, Tel Aviv.
    5. Daniel J. Wilson, 2009. "Beggar Thy Neighbor? The In-State, Out-of-State, and Aggregate Effects of R&D Tax Credits," The Review of Economics and Statistics, MIT Press, vol. 91(2), pages 431-436, May.
    6. Giammario Impullitti, 2008. "International Competition and U.S. R&D Subsidies: A Quantitative Welfare Analysis," Economics Working Papers ECO2008/11, European University Institute.
    7. Jacques Mairesse & Pierre Mohnen, 2010. "Using Innovation Surveys for Econometric Analysis," CIRANO Working Papers 2010s-15, CIRANO.
    8. Mansfield, Edwin, 1980. "Basic Research and Productivity Increase in Manufacturing," American Economic Review, American Economic Association, vol. 70(5), pages 863-73, December.
    9. Segerstrom, Paul S, 1998. "Endogenous Growth without Scale Effects," American Economic Review, American Economic Association, vol. 88(5), pages 1290-1310, December.
    10. Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, vol. 23(5), pages 487-521, September.
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