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|Title:||Subsidies in an R&D growth model with elastic labor||Authors:||Zeng, J.
|Issue Date:||Mar-2007||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||URI:||http://scholarbank.nus.edu.sg/handle/10635/52140||ISSN:||01651889|
|Appears in Collections:||Staff Publications|
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