G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1059
DP1059 Explaining Forward Exchange Bias .... Intra-day
Richard K Lyons; Andrew Rose
发表日期1994-11-30
出版年1994
语种英语
摘要Technological progress takes the form of improvements in the quality of an array of intermediate inputs to production. In an equilibrium that is standard in the literature, all research is carried out by outsiders, and success means that the outsider replaces the incumbent as the industry leader. The equilibrium research intensity involves three considerations: leading-edge goods are priced above the competitive level, innovators value the extraction of monopoly rents from predecessors, and innovators regard their successes as temporary. We show that if industry leaders have lower research costs, leaders will carry out all the research in equilibrium. If the cost advantage is not too large, however, the equilibrium research intensity and growth rate depend on the existence of the competitive fringe and take on the same values as in the standard solution. We discuss the departures from Pareto optimality and analyse the determination of the economy's rate of return and growth rate.
主题International Macroeconomics
关键词Endogenous growth Innovation Quality ladders Technological progress
URLhttps://cepr.org/publications/dp1059
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530202
推荐引用方式
GB/T 7714
Richard K Lyons,Andrew Rose. DP1059 Explaining Forward Exchange Bias .... Intra-day. 1994.
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