Can Government Subsidies Promote Innovation Effectively? An Analysis of DSGE Model Based on the Perspective of Innovation System

Abstract

Abstract:

This paper analyzes actors of innovation ecosystem in a DSGE model of innovation ecosystem from the perspective of innovation ecosystem. This paper constructs a DSGE model containing innovation product department, total product department, family and government. Using the actual empirical data, this paper analyzes changes of technology innovation output, consumption, investment and flows of talent, capital, other factors under the background of impact from government innovation subsidies. The empirical results show that government innovation subsidies can really increase innovation output. But it has time lag and its effect needs 2-3 years to make the maximum incentive effect. Government innovation subsidies can stimulate the R&D investment in the technology innovation department. But it has a crowding out effect on R&D investment in the non-innovation department. And the crowding out effect is greater than the induction, which will have temporarily negative influence on the total output. The influence of government innovation subsidies on innovation output is far less than influence of total factor productivity shocks from innovation department. The difference is more than 10 times. At the same time, the economic cycle caused by the total factor productivity shocks is short, about 10 years. Under the same impact of government innovation funding, with the increase of the conversion rate of technological innovation output, the crowding out effect of the social investment in the general sector is getting stronger and stronger.

Key words: government R&D subsidies, innovation, innovation system, DSGE model

Cui Baisheng, Zhu Lin. Can Government Subsidies Promote Innovation Effectively? An Analysis of DSGE Model Based on the Perspective of Innovation System[J]. , 2019, 31(11): 80-93.

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