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

• 成果类型: Article
• 署名作者: Akcigit, Ufuk; Hanley, Douglas; Serrano-Velarde, Nicolas
• 署名单位: University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Bocconi University; Bocconi University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdaa061
• 发表日期: 2021
• 页码: 1-43
• 关键词: research-and-development; productivity increase; firm size; COMPETITION; diversity; patents; MARKET

摘要

This article introduces a general equilibrium model of endogenous technical change 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 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 uniform research subsidies can accentuate the dynamic misallocation in the economy by oversubsidizing applied research. Policies geared towards public basic research and its interaction with the private sector are significantly welfare-improving.