Lederman, Daniel; Ortega, Claudio Bravo - Departamento de Economía, Facultad de Economía y Negocios - 2008
The authors extend the model by Aghion and Howitt (1992) to highlight the role of intellectual-property-rights (IPRs) in the process of innovation and structural change. The model predicts, in contrast to existing literature, that lower risk-free discount rate increase imitation. The model...