Endogenous growth and technological progress with innovation driven by social interactions
Endogenous growth and technological progress with innovation driven by social interactions
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社会互动驱动创新的内生增长和技术进步
DOI：
10.2139/ssrn.2696668
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发表时间：
2015
期刊：
影响因子：
1.3
通讯作者：
M. Tolotti
中科院分区：
文献类型：
--
作者：
Simone Marsiglio;M. Tolotti
我们在一个带有异质研究公司的内生增长模型中分析了创新和社会互动对经济增长的影响。许多研究公司通过考虑竞争对手(即其他公司)所做的事情来决定是否进行创新。这是因为他们的利润在一定程度上依赖于与积极从事研究活动的公司份额相关的外部性。这种创新公司的份额也决定了宏观经济中技术的演变，最终推动了经济增长。我们证明了当外部性效应足够强时，可能存在多个BGP均衡。在这样的框架下，经济可能面临低增长陷阱，这意味着它可能最终陷入长期缓慢增长的局面；然而，这种结果可能会通过政府干预完全解决。我们还表明，只要存在多个BGP，它们就是亚稳定的，这意味着经济可能会由于影响研究公司个人行为的冲击而在低BGP和高BGP之间周期性波动。
We analyze the implications of innovation and social interactions on economic growth in a stylized endogenous growth model with heterogeneous research firms. A large number of research firms decide whether to innovate or not, by taking into account what competitors (i.e., other firms) do. This is due to the fact that their profits partly depend on an externality related to the share of firms which actively engage in research activities. Such a share of innovative firms also determines the evolution of technology in the macroeconomy, which ultimately drives economic growth. We show that when the externality effect is strong enough multiple BGP equilibria may exist. In such a framework, the economy may face a low growth trap suggesting that it may end up in a situation of slow long-run growth; however, such an outcome may be fully solved by government intervention. We also show that whenever multiple BGP exist, they are metastable meaning that the economy may cyclically fluctuate between the low and high BGP as a result of shocks affecting the individual behavior of research firms.