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R&D Heterogeneity and the Impact of R&D Subsidies*
In: The economic journal: the journal of the Royal Economic Society, Band 131, Heft 640, S. 3338-3364
ISSN: 1468-0297
Abstract
In this paper we study the determinants of R&D heterogeneity and the economic impact of R&D subsidies. We estimate a Schumpeterian growth model featuring firms with heterogeneous innovation efficiencies. The model fits well the R&D investment distribution, and the frequency and relative size of R&D performers. Using the model, we study the impact of a Norwegian R&D reform targeting firms with R&D spending below a certain threshold. The size-dependent subsidy increases aggregate R&D investment by 11.7%, but reduces growth and welfare. In contrast, a uniform subsidy stimulates investment, growth and welfare.
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