English, Article, Journal or magazine article edition: Welfare and growth impacts of innovation policies in a small, open economy. An applied general equilibrium analysis Brita Bye; Taran Fæhn and Tom-Reiel Heggedal

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Bookmark: http://trove.nla.gov.au/version/53686
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Welfare and growth impacts of innovation policies in a small, open economy. An applied general equilibrium analysis
Author
  • Brita Bye
  • Taran Fæhn and Tom-Reiel Heggedal
Physical Description
  • preprint
Notes
  • We explore how innovation incentives in a small, open economy should be designed in order to achieve the highest welfare and growth, by means of a computable general equilibrium model with R&​D-driven endogenous technological change embodied in varieties of capital. We study policy alternatives targeted towards R&​D, capital varieties formation, and domestic investments in capital varieties. Subsidising domestic investments, thereby excluding stimuli to world market deliveries, generates less R&​D, capital formation, economic growth, and welfare, than do the other alternatives, reflecting that the domestic market for capital varieties is limited. Directing support to R&​D rather than to capital formation generates stronger economic growth, a higher number of patents and capital varieties, and a higher share of R&​D in total production. However, it costs in terms of lower production within each firm, where presence of sunk patent costs and mark-ups result in efficiency losses. The welfare result is, thus, slightly lower.
  • Applied general equilibrium; Endogenous growth; Research and Development
  • RePEc:ssb:dispap:510
Language
  • English
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