Financial Development, Economic Growth and R&D CyclicalMovement
2013
This paper builds up an endogenous growth model a la Aghion and Howitt (1992) and Boucekkine et al (2005).
We assume that RD 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.
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