关键字：

【ECON20161218】

宏观经济学研讨会

（总第213期）

【时间】2016年11月9日（周三）12：15－13：45

【地点】明商0302教室

【主讲】陈啸  中国人民大学经济学院

【主题】Innovation, Reallocation and Growth (D. Acemoglu et al., NBER Working Paper, 2013)

【点评】薛涧坡  中国人民大学财政金融学院副教授

【摘要】We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A key feature is the selection between high- and low-type firms, which differ in terms of their innovative capacity. We find industrial policy subsidizing either the R&D or the continued operation of incumbents reduces growth and welfare. This is because of a strong selection effect: R&D resources (skilled labor) are inefficiently used by low-type incumbent firms. Subsidies to incumbents encourage the survival and expansion of these firms at the expense of potential high-type entrants. We show that optimal policy encourages the exit of low-type firms and supports R&D by high-type incumbents and entry.

【主持】陈彦斌 教授