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http://hdl.handle.net/2183/13997 Optimal R&D subsidies in a model with physical capital, human capital and varieties
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Gómez, Manuel A. and Sequeira, Tiago N. (2013), Optimal R&D subsidies in a model with physical capital, human capital and varieties, Economic Modelling 30, 217-224.
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[Abstract] In this paper, we analyze the social planner solution of an endogenous growth model with physical capital, human capital and R&D. The model incorporates three sources of inefficiency: monopolistic competition in the intermediate-goods sector, duplication externalities and spillovers in R&D. A complete stability analysis for the optimal growth problem of this model is provided. We characterize the optimal policy that can decentralize the optimal solution and find that the path of the optimal R&D subsidy can be non-monotonic.
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Copyright © 2013 Elsevier. NOTICE: this is the author’s version of a work that was accepted for publication in Economic Modelling. Changes resulting from the publishing process, such as editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. A definitive version was subsequently published in Economic Modelling 30, 217-224, 2013. DOI: http://dx.doi.org/10.1016/j.econmod.2012.07.019.