破壊的・持続的イノベーションのマクロ経済的インプリケーション

抄録

This study constructs an endogenous growth model using the framework of New Keynesian dynamic stochastic general equilibrium models and evaluate how disruptive and sustaining innovation interact with macroeconomic variables. We incorporate a Schumpeterian approach that generates seemingly sticky prices and wages and estimate the model parameters using Japanese economic data. Given the estimates, we evaluate the relationship between disruptive and sustaining innovation and macroeconomic variables. In particular, we are interested in evaluating the effects of both disruptive and sustaining innovation on several macroeconomic variables. The results demonstrate that while sustaining innovation has positive effects on most of the macroeconomic variables and disruptive innovation, disruptive innovation has negative effects on almost all macroeconomic variables and sustaining innovation. This contrasting effects of disruptive and sustaining innovation should be taken into account in formulating innovation strategy at the firm level as well as macroeconomic policies focusing on facilitating innovation in an economy as a whole.