Technological Progress Endogenous Macroeconomic Growth Model

Under the trend of globalization,international trade disputes have intensified.The core of Chinese competitiveness and foothold in the international arena is the development of science and technology.In recent years,5G,cloned monkeys and DNA nano-robots have achieved breakthroughs in science and technology innovation in China.Therefore,it is a hot issue that exploring the relationship between technological progress and macroeconomic growth.The knowledge-based growth model and the macroeconomic growth model with technological advancement are the most active areas of economics in the past few years.This paper constructs a new Keynesian dynamic stochastic general equilibrium model(DSGE model)of representative households,final goods sector,intermediate goods sector and R&D sector.The activities of R&D sector are used to describe Chinese technological progress.The technology diffusion impact were introduced in the intermediate goods sector and investment-specific technological shock and were introduced in R&D sector.The structural parameters were estimated by the literature calibration.The conclusions are obtained by the impulse response results and variance decomposition of the macroeconomic growth model of technological advancement.First,technology diffusion is the main influencing factor of macroeconomic fluctuations.The impact of investmentspecific technological shock on macroeconomic fluctuations is much smaller than the impact of technology diffusion shock.The impact of technology diffusion on the major economic variables in the endogenous model of technological progress has reached more than 90%;compared with the other three sectors,the impact of investment-specific technological shock on the economic variables of the R&D sector is more obviously.Second,in the perspective of the R&D sector,the positive technology diffusion shocks the economic variables such as variable R&D capital investment,high-skilled labor,the wage of high-skilled labor,new knowledge and technology,and knowledge and technology stock in the R&D sector.The original steady-state values are reduced,and the diffusion of technology has a certain negative impact on the production activity of the R&D sector.In the view of macroeconomic,positive technology diffusion shocks will make economic variables such as output,consumption,structural capital,structural capital investment,low-skilled labor,and the wage of low-skilled labor,relative to the original steady-state value.And make the intermediate product production department produce intermediate products with higher efficiency and promote macroeconomic growth.The impact of technology diffusion.Third,the impact of investment-specific technological shock directly on the production of new knowledge and technology,although the output of new knowledge and technology increased in the short term,but negative for other economic variables in the R&D sector.The impact of the impact on various economic variables lasts for a short period of time,which is conducive to adjusting the economic structure and bringing the economic system to a new equilibrium.Replacing the several parameters of technological advancement endogenous macroeconomic growth model,and compare the result of the impulse response function of each economic variable with original model.It is concluded that the macroeconomic growth model of endogenous technology constructed in this paper is robust.Compared with the technologically advanced endogenous DSGE model,analyze the impact of the R&D sector in the macroeconomic system is further studied with the DSGE model that does not include the R&D department.First,through the analysis of the impulse response results of the main economic variables that do not include the R&D sector under the technical impact,the positive technical impact on the output,consumption,investment,physical capital,physical capital investment,physical capital real interest rate,low The wages of skilled labor and low-skilled workers have a positive impact,that is,technological progress can promote macroeconomic growth.Then,by comparing the impulse response results of the common macroeconomic variables in the DSGE model that does not include the R&D department and the DSGE model that includes the R&D department,the conclusion is drawn.First,technological advancement promotes macroeconomic growth and technological advancement The R&D sector in the endogenous macroeconomic growth model can more closely describe the impact of technological progress on the macro economy.Second,when technological advancement is merely an exogenous shock,the macroeconomic system will underestimate technological progress toward macroeconomic growth.