volume, but also the com- position of firm investment, by disproportionally decreasing investments in innovation. This …&D spending in total investment, suggesting a shift in the composition of investment that is specific to recessions following …

the digital world and to the position of the US economy as a global digital leader. Consequently, underpinned by growing … political power of Silicon Valley, the US adopted the "digital trade agenda" in its trade policy particularly in the so …

increases in investment that are followed by rapid declines. This investment response contrasts with the empirical evidence that … suggests a rather hump-shaped investment behavior. In this paper, I present a two-country general equilibrium model that … generates hump-shaped investment responses from labor market frictions. In the model, I decompose investment into tradable and …