Dynamic analysis of outsourcing |
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Authors: | Tadashi Morita |
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Institution: | (1) Centre for European Economic Research (ZEW), L7, 1, 68161 Mannheim, Germany |
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Abstract: | This paper develops an R&D-based growth model and calibrates the model to aggregate data of the US economy to quantify a structural
relationship between patent length, R&D and consumption. Under parameter values that match the empirical flow-profit depreciation
rate of patents and other key features of the US economy, extending the patent length beyond 20 years leads to a negligible
increase in R&D despite equilibrium R&D underinvestment. In contrast, shortening the patent length leads to a significant
reduction in R&D and consumption. Finally, this paper also analytically derives and quantifies a dynamic distortionary effect
of patent length on capital investment. |
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Keywords: | |
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