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Matsuyama} [J. Econ. Theory 100, No. 2, 220--234 (2001; Zbl 0992.91072)], the authors present models where, in line with the data analyzed for the US and 15 other OECD economies, household savings have negative correlation with growth while R\\&D has positive correlation with growth.  The endogenous growth-cycle model developed by the authors accounts for taxes on income and consumption, subsidies to investment and innovation, and R\\&D labor and partial depreciation. Three main effects of income taxes and R\\&D subsidies are found to account for the observed cyclical properties: \\begin{itemize} \\item Increasing R\\&D subsidies raises monopolistic R\\&D beyond its inefficient level, raising productivity by trading the intensive margin for the extensive margin due to diminishing marginal products, and thus is conducive to growth. \\item R\\&D-subsidy payments in periods with active R\\&D increase household taxable income beyond output, increasing consumption and decreasing household saving rates, hindering future R\\&D and growth. \\item Anticipated R\\&D subsidies raise household saving rates by raising returns to saving, promoting future growth. \\end{itemize}  The positive effects on R\\&D and negative effects on saving of income tax financed R\\&D subsidies in the Romer regime destabilize balanced growth and period-2 cycles. High R\\&D subsidies and income taxes engender new patterns of fluctuations such as unstable period-4 cycles at plausible growth rates and plausible elasticity values of product substitution. Among the new patterns, unstable fluctuations with consecutive periods of horizontal R\\&D prevail at realistic tax and subsidy rates in developed countries, and behave as if it were dependent on a random 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