R&D-expenditure in an endogenous growth model |
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Authors: | Maria Jesús Freire-Serén |
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Institution: | (1) Present address: Facultade de Económicas, Universidade de Vigo, Lagoas-Marcosende, 36200 Vigo, Spain |
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Abstract: | The aim of this paper is to analyze the role that aggregate R&D-expenditure plays in economic growth. We introduce a technology of innovation based on expenditure that generates endogenous sustainable growth in absence of any scale effect. This R&D-model permits us to study the effects of some fiscal policies. In particular, we analyze how subsidies to R&D-investment and physical capital accumulation affect the long-run growth rate. For the empirical cross-country analysis we directly derive a structural econometric model. |
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Keywords: | R& D-expenditure endogenous growth fiscal policy cross-country evidence technological change |
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