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Long-run effects of R&D investment on national economy : A macro-economical model

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  • Long-run effects of R&D investment on national economy
  • Shin, Taeyoung
  • Science and Technology Policy Institute


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Title Long-run effects of R&D investment on national economy
Similar Titles
Sub Title

A macro-economical model

Material Type Reports
Author(English)

Shin, Taeyoung

Publisher

Seoul:Science and Technology Policy Institute

Date 2003-06
Series Title; No 정책연구 / 03-01
Pages 145
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Industry and Technology < Science/Technology
Holding Science and Technology Policy Institute

Abstract

This study investigates how and through which channels R&D activities influence the national economy, using a macro -econometric model. The macro -econometric model in this study includes 28 behavioral equations and 22 identities. The model was constructed in the way that the interactions of real GDP and potential GDP, which is endogenously determined, guide the equilibrium of the economy. One of major features of this model is to separate the R&D sector from the demand side. In so doing, the national account was recalculated to avoid double -counting in estimation of R&D stocks.
The model was estimated using the annual data over 1970-2000. Data are available from the ministry of Science and Technology (MOST), Bank of Korea (BOK), Korea National Statistical Office (KNSO), and IMF, etc. Each equation was estimated by the Least Squares method, and then entire system was solved simultaneously. (The rest omitted)