| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1059 |
| 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 |
| URL | https://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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