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IndustrialPoliciesfor
Innovation:ACost-Benefit
Framework
DanielGarcia-MaciaandAlexandreSollaci
WP/24/176
IMFWorkingPapersdescriberesearchin
progressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.
TheviewsexpressedinIMFWorkingPapersare
thoseoftheauthor(s)anddonotnecessarily
representtheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.
2024
AUG
©2024InternationalMonetaryFundWP/24/176
IMFWorkingPaper
FiscalAffairsDepartment
IndustrialPoliciesforInnovation:ACost-BenefitFrameworkPreparedbyDanielGarcia-MaciaandAlexandreSollaci1
AuthorizedfordistributionbyDavideFurceriJuly2024
IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicit
commentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseofthe
author(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.
ABSTRACT:Whenandhowshouldgovernmentsuseindustrialpolicytodirectinnovationtospecificsectors?Thispaperdevelopsaframeworktoanalyzethecostsandbenefitsofindustrialpoliciesforinnovation.Theframeworkisbasedonamodelofendogenousinnovationwithasectoralnetworkofknowledgespillovers(LiuandMa2023),
extendedtocaptureimplementationfrictionsandalternativepolicygoals.Simulationsshowthatimplementing
sector-specificfiscalsupportisonlypreferabletosector-neutralsupportunderrestrictiveconditions—when
externalitiesarewellmeasured(e.g.,greenhousegasemissions),domesticknowledgespilloversoftargetedsectorsarehigh(typicallyinlargereconomies),andadministrativecapacityisstrong(includingtoavoidmisallocationto
politicallyconnectedsectors).Ifanyoftheseconditionsarenotfullymet,welfareimpactsofindustrialpolicyquicklybecomenegative.Theoptimalallocationofsupportentailsgreatersubsidiestogreenersectors,butotherfactors
suchascross-sectorknowledgespilloversmatter.Forasampleoftechnologicallyadvancedeconomies,existingindustrialpoliciesseemtobedirectinginnovationtobroadlytherightsectors,buttoanexcessivedegreeinmosteconomies,includingChinaandtheUnitedStates.
RECOMMENDEDCITATION:Garcia-Macia,DanielandAlexandreSollaci.2024.“IndustrialPoliciesfor
Innovation:ACost-BenefitFramework”,InternationalMonetaryFundWorkingPaperNo.2024/176.
JELClassificationNumbers:
O38,O41,L52
Keywords:
Industrialpolicy;innovation;knowledgespillovers;climatepolicy;AI.
Author’sE-MailAddress:
dgarciamacia@;abalduinosollaci@
1WearegratefulforthecommentsanddiscussionfromUfukAkcigit,KevinBryan,EraDabla-Norris,RuuddeMooij,VitorGaspar,PeteKlenow,ErnestLiu,LiLiu,RekaLukasz,NatalijaNovta,SongMa,RafaelMachadoParente,DmitryPlotnikov,YizhiXu,andparticipantsattheIMFFiscalMonitorworkshop.NathanLane,ErnestLiu,RekaLukasz,SongMa,EmilyOehlsen,VeronicaC.
Perez,andMicheleRutakindlyshareddata.VictoriaHaverandZhonghaoWeiprovidedexcellentresearchassistance.AselectionoftheresultsinthispaperwasfeaturedintheApril2024IMFFiscalMonitorChapter2.
IMFWORKINGPAPERSIndustrialPoliciesforInnovation:ACost-BenefitFramework
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WORKINGPAPERS
IndustrialPoliciesforInnovation:ACost-BenefitFramework
PreparedbyDanielGarcia-MaciaandAlexandreSollaci
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Contents
I.INTRODUCTION 4
II.MODEL7
A.Set-up 7
B.OptimalR&DAllocationandDecentralizedEquilibrium 8
C.IndustrialPolicy 9
D.ImplementationFrictions 10
E.AlternativeGoals 12
III.DATAANDCALIBRATION 12
IV.RESULTS 17
A.ImplementationFrictions 17
B.EconomyOpenness 19
C.AlternativeGoals 21
D.AllocatingSupportAcrossSectors 23
E.AssessingExistingPolicies 24
V.CONCLUSIONS 26
REFERENCES 28
ANNEX 31
A.DecentralizedEquilibriumandImplementationoftheOptimalPolicy 31
B.WelfareCostsofIgnoringGreenGoals 33
FIGURES
Figure1.IncreasingUseofIndustrialPoliciesforInnovation 4
Figure2.SectoralCitationNetwork,SelectSectors,UnitedStates 14
Figure3.DomesticKnowledgeSpillovers,SelectEconomies 15
Figure4.EvolutionoftheAverageShareofDomesticCitations 15
Figure5.SimulatedWelfareImpactofIndustrialPolicy,UnitedStates 18
Figure6.SimulatedWelfareImpactofIndustrialPolicy,SelectEconomies 21
Figure7.WelfareGainsofIndustrialPolicywithGreenGoals 22
Figure8.OptimalR&DSupportbySector’sShareofGreenPatentsandAIexposure 24
FigureB.1.WelfareGainsfromAlternativePolicies 34
TABLES
Table1.CalibratedParameters 13
Table2.OptimalityofExistingIndustrialPoliciesforInnovation,SelectEconomies 26
IMFWORKINGPAPERSIndustrialPoliciesforInnovation:ACost-BenefitFramework
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I.Introduction
Therecentstrategicpushforindustrialpoliciesinlargeeconomies(Figure1,panel1)hasbroughtto
theforethequestionofwhetherandunderwhatconditionsgovernmentsshoulddirectfiscal
supporttowardinnovationinspecificsectorsortechnologies.Recentindustrialpolicyinitiativesinadvancedeconomies,suchastheCHIPSActandInflationReductionActintheUnitedStates,theGreenDealIndustrialPlanintheEuropeanUnion,theNewDirectiononEconomyandIndustrial
PolicyinJapan,andtheK-ChipsActinKorea,aswellaslongstandingpoliciesinemergingmarket
economieslikeChina,shareastrongemphasisoninnovationinspecificsectors,amongother
objectives.Mostpackagesincludefiscalincentivesforinnovationingreenandadvancedtechnologysectors(suchasAIandsemiconductors)(Figure1,panel2),withaheavyrelianceoncostlysubsidies.
Figure1.IncreasingUseofIndustrialPoliciesforInnovation
1.ShareofIndustrialPolicies
(Percentoftotaltradepolicies)
2.IndustrialPoliciesbySector,2023
(Percent)
Sources:Juhászetal.(2022),usingtheGlobalTradeAlertdatabase.
Sources:Evenettetal.(2024);andIMFStaffestimates.
Note:ClassificationbasedonEvenettetal.(2024).Green
sectorsarehighlightedingreen,andhigh-techsectorsin
blue.Sectorswithblueandgraystripesincludetechnologiesthatarebothadvancedandnon-advanced.
Technologicallyadvancedeconomiesmaywanttodirectthecourseofinnovationforvarious
reasons,includingaddressingmarketfailures—externalitiesrelatedtoclimateandpublichealth,
knowledgespilloverstoothersectors,supplychainresilience,ornationalsecurity.However,historicalexperiencesuggeststhatgettingindustrialpolicyrightisatallorder(IMF2024a).Whereaspolicies
mayhelpsomefirmsbecomemoreproductive,theycanalsoleadtoaninefficientallocationof
resources.Indeed,anabundanceoffailedprogramsineconomieswithstronginstitutionsshowsthatitisdifficulttoavoidpolicymistakes.Evenwhenprojectssucceedintransformingindustries,they
canincurhighfiscalcostsand,insomecases,generatenegativecross-borderspillovers.
IMFWORKINGPAPERSIndustrialPoliciesforInnovation:ACost-BenefitFramework
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Thispaperdevelopsaframeworktoassessconditionsunderwhichsector-specificfiscalsupportforinnovation(“industrialpolicy”)ispreferabletosector-neutralsupport(“horizontalpolicy”).The
frameworkbuildsuponamodelofendogenousinnovationwithasectoralnetworkofknowledgespilloversfromLiuandMa(2023).Inthismodel,thekeybenefitofsector-specificsupportisthatit
allowstodirectinnovationtowardssectorsgeneratinghigherknowledgespilloverstoother
domesticsectors(measuredbycross-sectorpatentcitations).This,inturn,raiseseconomy-wideinnovation,productivitygrowth,andwelfare.
Themaincontributionofourpaperistoaddtwoextensionstothemodelthatarerelevantfor
evaluatingindustrialpolicy.First,weconsiderdifferentformsofpolicyimplementationfrictions—eitherrandompolicymistakesorpoliticalcapturebycertainsectors—thatleadtomisallocationofinnovationinputsacrosssectors.Second,weallowforthegovernmenttopursuealternativepolicygoalssuchassupportinggreeninnovation.Wethenquantifyhowthesefactorsaffectthewelfareimplicationsofindustrialpolicy,andusetheextendedframeworktodescribeoptimalindustrial
policyandassessexistingpoliciesindifferenteconomies.
Thesimulationsshowthatalarge,advancedeconomy(forexample,theUnitedStates),optimally
targetingsupporttosectorswithlargerknowledgespilloverscanincreasewelfarebyalmost3
percentcomparedtoanequivalentamountofsector-neutralsupport.Thewelfaregainscanrisetoupto6percentwhenthegovernmentconsidersgreeninnovationgoalsandredirectssupportto
sectorswithahighershareofgreenpatents.Implementationfrictions,however,quicklyturnthe
potentialbenefitsofindustrialpoliciesintolosses,makingsector-neutralsupportpreferable.Benefitsarealsolimitedforsectorsandeconomiesthatrelymoreonforeignknowledgespillovers,asthesearelesslikelytobeaffectedbydomesticinnovationpolicy.
Overall,theresultssuggestthatindustrialpolicyforinnovationcanonlybebeneficialunderfairlyrestrictiveconditions.First,externalitiesmustbecorrectlyidentifiedandpreciselymeasured(forexample,carbonemissions).Second,domesticknowledgespilloversfrominnovationintargeted
sectorsmustbestrong.Andthird,governmentcapacitymustbehighenoughtopreventmisallocation(forexample,topoliticallyconnectedsectors).
Theframeworkalsoshedslightonhowtooptimallyallocateinnovationinputsacrosssectorswhentheaboveconditionsareinplace.Whilegreenersectorsshouldreceivemoresupport,thereisnoone-to-onerule,asthedegreetowhichinnovationineachsectorspillsovertoothersectorsalsoplaysabigrole.Conversely,sectorsprojectedtobemoreexposedtoAIdonotnecessarilywarrantstrongerinnovationsupport.Regardingexistingpolicies,wefindthatleadingeconomiestendto
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directinnovationsupporttobroadlytherightsectors(fromthelensofourframework),withapositivecorrelationof0.3-0.7betweentheactual(observed)andmodel-impliedoptimal
distributions.However,theintensityofindustrialpolicies,asreflectedintheconcentrationof
innovatorsincertainsectors,isexcessiveinmosteconomies,andparticularlysoinChinaandtheUnitedStates.Inthoseeconomies,scalingbacktheintensityofindustrialpolicieswouldreducemisallocationandincreaseproductivitygrowth.
Thispapercontributestothreeseparatebranchesoftheeconomicliterature.First,itisrelatedtotheresearchonhowinnovationpolicyshouldinteractwithknowledgespillovers(Aghionetal.,2005;
Bloom,Schankerman,andVanReenen,2013,Bloom,VanReenen,andWilliams,2019;HopenhaynandSquintani,2021;Sollaci,2022;LiuandMa,2023).Specifically,mostofthisliteraturefocusesonfindinganoptimalinnovationpolicyandmeasuringitspotentialbenefits.Incontrast,westudythewelfareeffectsofpossibleimplementationfrictions,showingthatevenrelativelysmalldeviationsfromtheoptimalpolicycansignificantlydiminishthegainsfromgovernmentintervention.
Second,thepaperrelatestostudiesonresourcemisallocation(RestucciaandRogerson,2008;HsiehandKlenow,2009;DavidandVenkateswaran,2019;BaqaeeandFarhi,2020;Bils,Klenow,andRuane,2021),particularlytheworkthatlinksitwitheconomicgrowth(Peters,2013;Garcia-Macia,2017;
Hsiehetal.,2019).Inthiscase,wefindthatresourcemisallocationcanarisefrompolicy
implementationfrictions,rangingfrompolicymakermistakes,lackofclarityonthegovernment’sor
society’sultimategoals(whichcansometimesbecontradictory),orthroughpoliticalcapture(Acemogluetal.,2016;Choietal.,2021;Akcigit,Baslandze,andLotti,2023).
Lastly,giventhefocusonsector-specificsubsidies,thispaperalsocontributestothegrowing
literatureonindustrialpolicy(Liu,2019;Evenettetal.,2024;Juhaszetal.,2022;Juhaszetal.,2023).
Thepaperprovidesanintegratedframeworktoassessthedynamicimplicationsofindustrialpolicyforinnovationacrosstheeconomy,complementingrecentmodel-basedanalysisfocusedonspecificindustries(Barwick,Kalouptsidi,andZahur,2023;Barwicketal.,2024).Thisexercisecautionsagainstthewidespreaduseofpoliciestoredirectresourcestowardstargetedsectors,unlessastrongsetofinstitutionalconditionsisinplace.
Therestofthepaperisorganizedasfollows.SectionIIdescribesthemodel.SectionIIIdiscussesthedataandcalibration.SectionIVpresentsthesimulationresults,includingthewelfareeffectsof
industrialpolicyundervariousimplementationfrictions,levelsofeconomicopenness,andalternativegoals,aswellastheoptimaldistributionofinnovationsupportacrosssectorsandtheassessmentofexistingpolicies.SectionVconcludes.
IMFWORKINGPAPERSIndustrialPoliciesforInnovation:ACost-BenefitFramework
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II.Model
OurtheoreticalframeworkbuildsuponamodelofendogenousinnovationwithasectoralnetworkofspilloversfromLiuandMa(2023).Inthismodel,itisoptimalforgovernmentstosubsidizerelativelymoretheR&Dofsectorsthataremorecentralintheinnovationnetwork,astheygeneratehigher
innovationspilloverstoothersectors.Theframeworkalsoaccountsfortheshareofforeigninflowsofknowledgebysector,asforeigninnovationislesslikelytobeaffectedbydomesticinnovation
policy.Weextendthismodelto(1)capturedifferencesinimplementationcapacity,whereby
governmentswithweakerinstitutionsmakepolicymistakesordivertsubsidiestopolitically
connectedsectors,and(2)accountfornegativeexternalitiesfromclimatechange,whichcallforredirectinginnovationtogreenersectors.
A.Set-up
Thereisarepresentativeconsumerwithpreferencesgivenby
wherepistheintertemporaldiscountrate,C(.)aconstantreturnstoscalepreferenceaggregator,c
abundleofdomesticallyproducedgoods,andcabundleofforeigngoods.Importsofforeign
goodsarefinancedbyexportingdomesticproduction,andundertradebalancewehave
pc=yt-c,(2)
wherethepriceofthedomesticbundleisnormalizedto1(notethateconomiesimportandexport
bundlesofgoods,removingincentivesforasocialplannertouseR&Dallocationtomanipulatethetermsoftrade).
Domesticproductionisgivenby
βi=1(3)
Wherei=1,…,Kindexessectorsandyitisasectoralgood,producedbyaggregatingallvarietiesvofgoodswithinasector
withℓit(v)representingthenumberofproductionworkershiredinvarietyvofsectori,andqit(v)isthequalityofthesamevariety.
Innovationineachsectorbenefitsfromthestockofknowledgeofallothersectors,measuredastheaveragequalityofallvarietiesofgoodswithinthesector:
IMFWORKINGPAPERSIndustrialPoliciesforInnovation:ACost-BenefitFramework
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lnqit=lnqit(5)
Cross-sectorknowledgespilloverscancomefrombothdomesticandforeignfirms.Thus,afirminsectorithathiressitscientistswillhaveanarrivalrateofinnovationgivenby
nit=sitηi(6)
whereηiisasector-specificproductivityparameterandxitrepresentcross-sectoralknowledgespillovers
Thestockofknowledgeineachsectorisgivenby1fordomesticinnovationand1for
foreigninnovation,withxijrepresentingtheshareofspilloverscomingfromdomesticknowledge.Finally,wijrepresentstheelasticityofspilloversfromsectorjtosectori.Notethatthecondition
Σ=1wij=1imposesconstantreturnstoscaleininnovation.However,somesectorsmaygenerate
moreresearchspilloversthanothers,i.e.,wij≠1.
Theremainderofthemodelfollowsastraightforwardqualityladder:innovationsincreasethequalityofagoodvarietyqit(v)byafactorofλ>0,makingtheinnovatingfirmthetechnologyleaderina
productandthusabletopriceallcompetitorsout.Thisresultsinadeterministiclawofmotionforeachsector’sknowledgestock
=λln(8)
B.OptimalR&DAllocationandDecentralizedEquilibrium
Threemainequilibriumresultsfromthemodelarerelevantforthecurrentpaper(seeproofsandmoredetailsinLiuandMa,2023):theoptimalR&Dallocation,theequilibriumallocationina
decentralizedeconomy,andthewelfareimpactofchangingtheR&Dallocation.Toobtaintheoptimalallocation,wesolveacentralplannerproblem,givenby
subjecttotheeconomy’sproductionfunctionofinnovation,thegoods(sectoralandfinal)productionfunction,thetradebalance,andthelawofmotionofdomesticknowledge
it/qit=λln(10)
obtainedfromaggregatingtheinnovationuponallvarietiesvwithinasector.
IMFWORKINGPAPERSIndustrialPoliciesforInnovation:ACost-BenefitFramework
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Thesolutiontothisproblemisgivenbyanallocationofproductionworkers{ℓit∝βiandanallocationofscientists
9=β9(11)
wheres=[sit]isthevectorofscientistshares,β=[βi]isthevectoroffinalgoodproduction
elasticities,Ω=[wij]isthematrixofspilloverelasticities,andX=[xij]arethesharesofdomestic
spillovers.Theoperator°indicatesaHadamard(orelement-wise)product,andξisascalingfactortoguaranteethat(s∗)91=1(thetotalnumberofscientistsissetto1foreaseofexposition).
Incontrast,inadecentralizedeconomyequilibrium(i.e.,intheabsenceofanypolicyintervention)theallocationofscientiststoeachsectorisproportionaltothesector’sshareintotaloutput:1
s=β.(12)Notethisresultisintuitive:thisiswhatthesocialplanner’sallocationwouldlooklikeiftherewerenocross-sectorinnovationspillovers(i.e.,thetermΩ°X∝Isothatsectorsonlygetspilloversfromtheirowninnovation),oriftheplannerinfinitelydiscountedthefuture(p→∞),thusneglectingany
benefitsfromcurrentR&Dtofutureinnovation.
Finally,theconsumption-equivalentwelfareimpact(i.e.,theamountthatconsumptionwouldhavetochangetogeneratethesameimpactonwelfare)ofmovingbetweenanytwotime-invariantR&D
allocations,sayfroms0tos1,is
where,again,s∗isthevectorcontainingthewelfaremaximizingallocation2andξthescalingfactorfromabove.Notethatthiscalculationcomparestotalwelfareundertwodifferentbalancedgrowthpaths(inducedbythedifferentdistributionsofR&Dresources).
C.IndustrialPolicy
TheoptimalallocationofR&Ddefinedabovecomesfromasocialplanner’sproblem,wheretheonlyconstraintstotheproblemaregivenbythephysicallimitationsofproductionfunctions.Assuch,thisallocationisnotafunctionofanyparticularpolicythatmightbeusedtoimplementit—aslongas
thegovernment’sgoalsarethesameastheplannerabove.
1SeeAnnexAforanexampleofadecentralizedequilibrium.
2Notethats∗=argmax(s∗)9×(lnx-lns0)s.t.x91=1.x
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Bearingthatinmind,westillshowthattheoptimalallocationcanbeimplementedbyagovernmentusingconventionalpolicies:inthiscaseanR&Dsubsidy.Weassumethatgovernmentscanchoosetherateofsubsidiesortaxestoinnovationinputs(scientistwages)ineachsector,withthe
governmentbudgetbalancedbylump-sumtransfersortaxes(seeAnnexAfordetails).“Industrialpolicy”referstoinnovationpolicieswithsubsidyortaxratesthatvarybysector,while“horizontalpolicy”referstopoliciesthatsetthesamesubsidyortaxratesforallsectors.
Anallocationofscientiststosectorscanbeimplementedviacombinationsofsector-specificsubsidies{σi}:
(14)
whereanegativeσirepresentsatax.
Theaboveimpliesthatasector-neutralsubsidydoesnotchangetheshareofscientistsinanysector;andbecausethetotalnumberofscientistsisfixed,asector-neutralsubsidydoesnothaveanyeffectontheaggregateamountofinnovationintheeconomy(anyresultingincreaseinthedemandfor
scientistsisoffsetbyacorrespondingincreaseinscientists’wages).Thus,onlythedistributionof
subsidies/taxesacrosssectorsmatters,nottheirlevel,and“horizontalpolicy”leadstothedecentralizedeconomyequilibriumdescribedabove.3,4
Inwhatfollows,weusethedecentralizedeconomyasabenchmarktoanalyzetheimplicationsof
varioustypesofindustrialpolicies.Intheabsenceofimplementationfrictions,thegovernmentusesindustrialpolicytomaximizevtandreplicatesthesocialplannerallocation.
D.ImplementationFrictions
Inreality,implementationfrictionsmaydistortgovernment’spolicies.Next,weextendthemodeltoconsidertwotypesofsuchfrictions.First,weallowforthepossibilityofpoliticalcapture,inthesensethatthegovernmentcanfavoralargerallocationofresourcestopoliticallyconnectedsectors.
3Thisalsomeansthatthecombinationofsubsidiesandtaxescanbesetsothatlump-sumtransfers/taxesarezerowithoutlossofgenerality.
4Inpractice,however,horizontalpoliciescanaffectaggregateinnovation.Thiscanhappenbothbyincreasingthesupplyofscientistsrelativetootheroccupations,orbecausedifferentsectorsmightbeexposedtostructural
fundamentalslikeeducationandinfrastructureondifferentdegrees.Thus,horizontalpoliciesthataffectthesefundamentalsmightstillhaveaneffectonthedistributionofinnovationacrosssectors.
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Second,governmentsmightsimplymakerandommistakesinimplementation.Inthiscase,thesectoralallocationisstilldistorted,butnotnecessarilytowardspreferredsectors.
PoliticalCapture.Let{φi,i=1indextheextentof“politicalclout”agivensectorhasanddenotebyθtheweightthatthegovernmentassignstopoliticalfavoritism.Thegovernment’s
objectivefunctionbecomes:5
Underthisobjectivefunction,thegovernmentstillcaresabouttheutilityoftherepresentative
consumer(whichweightseachsectorbyβi)butfavorshigheroutputinmorepoliticallyconnectedsectors.Theparameterθgovernstheextenttowhichthosesectorsarefavoredrelativetothesocialplanner’sweight(notethatwhenθ=0theobjectivefunctionrevertstothecasewithnopolitical
capture).Sincetheonlychangeintheproblemaretheweightsontheoutputofeachsector,theR&Dallocationthatmaximizesthisfunctionis
whereagainξpcisascalingfactor.Pluggingintotheresultsabove,theconsumption-equivalentwelfareimpactofapolicythatimplementsthisallocation(relativetonoindustrialpolicy)is
Mistakes.Implementationerrorsneednotbe“malicious”orserveulteriormotivestomisallocateresources.Consider,forexample,acollectionofrandomdistortions{ψiobjectivefunction
Aswithpoliticalcapture,thesedistortionschangetheoptimalweightsattributedtoeachsectorinthegovernment’sobjectivefunction,andθcontrolsthesizeofsuchmistakes.Bysymmetry,the
sameequilibriumconditionsaswithpoliticalcaptureapply,withψreplacingφ.
5FollowingLiuandMa(2023),defineC-(yt,p)=aC(c,c)s.t.yt—c=pc.SinceC(.)featuresconstant
ct,ct
returnstoscale,wecanre-writethemaximizedconsumptionaggregatorasC-(yt,p)=ytC*(p)forsomefunctionC*(.).Giventhelogarithmicpreferencesandthefactthatpistakenasgiven,maximizingtherepresentative
consumer’sobjectivefunctionvtisthesameasmaximizinge-P(s-t)lnysds.Pluggingintheproductionfunctionforyta
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