报告题目：Industrial policy, endogenous markups, and growth
报 告 人：吉蕾（Sam Houston State University, Associate Profossor）
We develop a model to study the relationship between competition and endogenous innovation. Specifically, we build a Schumpeterian growth model with endogenous market structure, which incorporates endogenous markups, and analyze the effects of R&D subsidies (horizontal and vertical) on competition and the economy's growth rate. In contrast to the literature that obtains an inverted-U shaped relationship between the economy's growth rate and competition (proxied by the economy's markup), we find that increases in competition—driven by changes in the subsidies—unambiguously reduces the economy's growth rate. Moreover the tractability of our framework allows for a full analysis of the effects of policy: the immediate, the short-run, and the long-run implications. Although entry (horizontal R&D) subsidies increase competition (reduce markups), they unambiguously reduce static income, increase the short-run growth rate, and reduce the long-run growth rate. In contrast, although vertical R&D subsidies increase the steady-state growth rate, they increase the steady-state markup.
吉蕾博士毕业于北卡州立大学。曾任教于上海财经大学，巴黎政治学院和SKEMA商学院。现于Sam Houston State University任助理教授。其主要研究方向为经济增长和产业政策。