From Imitation to Innovation: Where Is All That Chinese R&D Going?
构建了一个企业随机互动的内生增长模型，量化研发错配对新兴经济体全要素生产率增长的影响，并用2007-2012年中国企业数据估计模型，发现错配显著拖累生产率增长。
We construct an endogenous growth model with random interactions where firms are subject to distortions. The TFP distribution evolves endogenously as firms seek to upgrade their technology over time either by innovating or by imitating other firms. We use the model to quantify the effects of misallocation on TFP growth in emerging economies. We structurally estimate the stationary state of the dynamic model targeting moments of the empirical distribution of R&D and TFP growth in China during the period 2007–2012. The estimated model fits the Chinese data well. We compare the estimates with those obtained using data for Taiwan and perform counterfactuals to study the effect of alternative policies. R&D misallocation has a large effect on TFP growth.