演講者簡介 : Mr. Gabrovski will receive his Ph.D. in Economics from University of California Riverside, Riverside, USA in 2018. His research interests lie in Macroeconomics. He is applying for a position of the Institute of Economics, Academia Sinica now.
演講摘要 : In practice, firms face a mass of scarce innovation projects. They choose a particular research avenue towards which to direct their effort, but do not coordinate these choices. This gives rise to coordination frictions. This paper develops an expanding-variety endogenous growth model to study the impact of these frictions on the economy. The coordination failure generates a mass of foregone innovation and reduces the economy-wide research intensity. Both of these effects decrease the growth rate. Because of this, the frictions also amplify the fraction of wasteful simultaneous innovation. A numerical exercise suggests that the impact of coordination frictions on both the growth rate and welfare is substantial.
