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Rising prices and you will Progress: A non-Monotonic Dating for the an innovation-Driven Economy

So it paper looks at the effects away from economic rules to the long-work at financial increases through various other cash-in-get better restrictions on RD inside a Schumpeterian progress model that have straight and horizontal innovation. The brand new design normally build a blended (monotonic otherwise non-monotonic) dating ranging from rising cost of living and you can growth, since the the latest cousin strength off financial outcomes on increases ranging from more CIA restrictions and therefore from RD-labor-reallocation consequences ranging from other diminishing productivity will vary into the moderate attract rates. Regarding empirically associated instance where lateral RD is affected with deeper diminishing productivity than vertical RD, rising cost of living and you can increases can be exhibit an upside down-You dating in the event the CIA constraint towards the lateral RD is actually good enough larger than you to to the straight RD. In the long run, this new design was calibrated to the You savings, and in addition we discover the growth-improving speed of rising cost of living is approximately dos.8%, that is directly consistent with previous empirical estimates.

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