Fung, Ka Wai and Lau, Chi Keung (2013) Financial Development, Economic Growth and R&D Cyclical Movement. Journal of Applied Economics and Business Research, 3 (3). pp. 133-145. ISSN 1927-033X
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Abstract
This paper builds up an endogenous growth model à la Aghion and Howitt (1992) and Boucekkine et al (2005).
We assume that R&D firms use only investment good as input, instead of final good as hypothesized in the above two models. We show that investment price will be a negative function of aggregate quality index; and thus decline over time. In this model, subsidy on R&D has growth-enhancing effect. Moreover, this model predicts unambiguously that R&D is procyclical.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Endogeneous growth model, real business cycle, research and development |
| Subjects: | L100 Economics |
| Department: | Faculties > Business and Law > Newcastle Business School |
| Related URLs: | |
| Depositing User: | Chi Keung Lau |
| Date Deposited: | 04 Nov 2013 08:18 |
| Last Modified: | 19 Nov 2019 09:51 |
| URI: | http://nrl.northumbria.ac.uk/id/eprint/14466 |
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