This article introduces a general equilibrium model of endogenous technical change through basic and applied research. Basic research differs from applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically identifying these spillovers and embed them in a framework with private firms and a public research sector. After characterizing the equilibrium, we estimate our model using micro-level data on research expenditures by French firms. Our key finding is that uniform research subsidies can accentuate the dynamic misallocation in the economy by oversubsidizing applied research. Policies geared towards public basic research and its interaction with the private sector are significantly welfare-improving.

中文翻译：

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回到基础：基础研究溢出，创新政策和增长

本文通过基础研究和应用研究，介绍了内生技术变革的一般均衡模型。基础研究与应用研究的不同之处在于所产生溢出的性质和程度。我们提出了一种新颖的方法，以实证方式识别这些溢出效应，并将其嵌入私营公司和公共研究部门的框架中。在描述了平衡之后，我们使用法国公司研究支出的微观数据来估计我们的模型。我们的主要发现是，通过对应用研究给予过度补贴，统一的研究补贴可以加剧经济中的动态配置不当。面向公共基础研究及其与私营部门的互动的政策显着改善了福利。