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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/39838
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| Title: | | Dynamically optimal R&D subsidization  |
| Authors: | | Grossmann, Volker Steger, Thomas M. Trimborn, Timo |
| Issue Date: | | 2010 |
| Series/Report no.: | | CESifo working paper Fiscal Policy, Macroeconomics and Growth 3153 |
| Abstract: | | Previous research on optimal R&D subsidies has focussed on the long run. This paper characterizes the optimal time path of R&D subsidization in a semi-endogenous growth model, by exploiting a recently developed numerical method. Starting from the steady state under current R&D subsidization in the US, the R&D subsidy should significantly jump upwards and then slightly decrease over time. There is a negligible loss in welfare, however, from immediately setting the R&D subsidy to its optimal long run level, compared to the case where the dynamically optimal policy is implemented. |
| Subjects: | | R&D subsidy transitional dynamics semi-endogenous growth welfare |
| JEL: | | H20 O30 O40 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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