Dynamically Optimal R&D Subsidization

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

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Year of publication:	2010
Authors:	Grossmann, Volker
Other Persons:	Steger, Thomas M. (contributor) ; Trimborn, Timo (contributor)
Publisher:	[2010]: [S.l.] : SSRN
Subject:	Theorie \| Theory \| Dynamische Optimierung \| Dynamic programming \| Wohlfahrtsanalyse \| Welfare analysis \| Intertemporale Allokation \| Intertemporal allocation \| Forschungsfinanzierung \| Research funding \| Endogenes Wachstumsmodell \| Endogenous growth model

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