Optimal Growth Through Product Innovation
نویسندگان
چکیده
In Lentz and Mortensen (2005), we formulate and estimate a market equilibrium model of endogenous growth through product innovation in the spirit of Klette and Kortum (2004). In this paper, we provide a quantitative solution to the social planner’s problem in the modeled environment. We find that the optimal growth rate is over three times larger than its value in market equilibrium and that the associated welfare gains along a transition path from the market equilibrium solution to the optimal steady state is equivalent to about 47% of consumption. JEL Classification: E22, E24, J23, J24, L11, L25
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