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|Title:||Subsidies in an R&D growth model with elastic labor|
|Authors:||Zeng, J. |
|Citation:||Zeng, J., Zhang, J. (2007-03). Subsidies in an R&D growth model with elastic labor. Journal of Economic Dynamics and Control 31 (3) : 861-886. ScholarBank@NUS Repository.|
|Abstract:||This paper compares different subsidies in an R&D growth model with competitive suppliers of a final good and monopolistic suppliers of intermediate goods. Unlike existing studies with lump-sum taxes and fixed labor, we assume distortionary taxes and elastic labor, finding some new insights. First, subsidizing R&D investment is more effective than subsidizing final output or subsidizing the purchase of intermediate goods in terms of promoting growth. Second, in terms of raising welfare, the R&D subsidy may also be more effective than the other subsidies and all of them are dominated by their mix, but none can achieve the social optimum. © 2006 Elsevier B.V. All rights reserved.|
|Source Title:||Journal of Economic Dynamics and Control|
|Appears in Collections:||Staff Publications|
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