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Dynamically Optimal R& D Subsidization

Autor: Volker Grossmann, Thomas M. Steger and Timo Trimborn
Nummer: 453, Aug 2010, pp. 33
JEL-Class: H20, O30, O40

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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