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Dynamically optimal R&D subsidization

Volker Grossmann; Thomas M. Steger; Timo Trimborn
Previous research on optimal R&D subsidies has focussed on the long run. This paper characterizes the optimal time path of R&D subsidization in a semi-endogenous growth model, by exploiting a recently developed numerical method. Starting from the steady state under current R&D subsidization in the US, the R&D subsidy should significantly jump upwards and then slightly decrease over time. There is a negligible loss in welfare, however, from immediately setting the R&D subsidy to its optimal long run level, compared to the case where the dynamically optimal policy is implemented. -- R&D subsidy ; transitional dynamics ; semi-endogenous growth ; welfare
Year of publication:
2011
Authors: Grossmann, Volker ; Steger, Thomas M. ; Trimborn, Timo
Publisher: Leipzig : Univ., Wirtschaftswissenschaftliche Fakultät
Subject: Forschungsfinanzierung | Research funding | Dynamische Optimierung | Dynamic programming | Endogenes Wachstumsmodell | Endogenous growth model | Intertemporale Allokation | Intertemporal allocation | Wohlfahrtsanalyse | Welfare analysis | Theorie | Theory | USA | United States
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www.wifa.uni-leipzig.de
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