Back to Basics: Basic Research Spillovers, Innovation Policy, and Growth
构建了一个包含基础与应用研究的内生技术变革一般均衡模型，利用法国企业微观数据估计模型，发现统一的研究补贴会过度补贴应用研究、加剧动态错配，而面向公共基础研究及其与私营部门互动的政策能显著提升福利。
Abstract This article introduces a general equilibrium model of endogenous technical change through basic and applied research. Basic research differs from applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically identifying these spillovers and embed them in a framework with private firms and a public research sector. After characterizing the equilibrium, we estimate our model using micro-level data on research expenditures by French firms. Our key finding is that uniform research subsidies can accentuate the dynamic misallocation in the economy by oversubsidizing applied research. Policies geared towards public basic research and its interaction with the private sector are significantly welfare-improving.