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Three essays on R&D-driven endogenous growth and optimal policy
Intellectual property rights
|Issue Date:||2021-08-04 15:57:12 (UTC+8)|
This dissertation constructs three distinct models of R&D-driven endogenous growth and employs them to analyze the effects of government policies on economic growth and social welfare. Chapter 2 builds up an R&D-driven endogenous growth model featuring state-owned enterprises in R&D sectors. We find that privatization is favorable to economic growth while the effect of privatization on social welfare is ambiguous. As a result, a partial privatization could be an optimal policy in our analysis. Moreover, we clearly interpret why private enterprises have higher productivity than state-owned enterprises. Chapter 3 sets up an R&D-driven endogenous growth model featuring North-South trade and technology transfer that is able to examine how the trade liberalization policy affects relative wage and social welfare between two countries. We show that the trade liberalization policy of the north country will lead to a decrease in relative wages, and that optimal tariffs imposed two countries are crucially related to public spending externalities. In addition, we show that the effect of expansion of patent protection on social welfare of the south country is ambiguous. Chapter 4 constructs a monetary R&D-driven endogenous growth model featuring endogenous innovation scales and the price-marginal cost markup. Under this model, an increase in the nominal interest rate decreases economic growth and the effect of expansion of patent protection on economic growth is ambiguous. Our analysis reveals that the Friedman rule fails to be optimal in view of the social welfare maximum. Moreover, we also discuss that how the optimal monetary policy is related to endogenous innovation scales and the price-marginal cost markup.
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