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The Long-Term Consequences of Regional Specialization
Michaels, Guy - Centre for Economic Performance, LSE - 2006
What are the consequences of resource-based regional specialization, when it persists over a long period of time? While much of the literature argues that specialization is beneficial, recent work suggests it may be costly in the long run, due to economic or political reasons. I examine this...
Persistent link: https://www.econbiz.de/10005797227
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In brief: Two cheers for Anglo-Saxon financial markets?
Aghion, Philippe; Reenen, John Van; Zingales, Luigi - Centre for Economic Performance, LSE - 2012
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …
Persistent link: https://www.econbiz.de/10010549053
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A Trapped Factors Model of Innovation
Bloom, Nicholas; Romer, Paul; Terry, Stephen; Reenen, … - Centre for Economic Performance, LSE - 2013
When will reducing trade barriers against a low wage country cause innovation to increase in high wage regions like the … cost of innovating falls. Interestingly, the "China shock" is more likely to induce innovation than liberalization with … be faster long-run growth through innovation in the US and that, in the short run, this is magnified by the trapped …
Persistent link: https://www.econbiz.de/10010610737
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Innovation, Reallocation and Growth
Acemoglu, Daron; Akcigit, Ufuk; Bloom, Nicholas; Kerr, … - Centre for Economic Performance, LSE - 2013
We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A …
Persistent link: https://www.econbiz.de/10010655943
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Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints
Garicano, Luis; Steinwender, Claudia - Centre for Economic Performance, LSE - 2013
We introduce a novel empirical strategy to measure credit shocks. Theoretically, we show that credit shocks reduce the value of long term investments relative to short term ones. Under the (conservative) assumption that demand shocks affect short and long run investments similarly, credit shocks...
Persistent link: https://www.econbiz.de/10010711338
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Innovation and Institutional Ownership
Aghion, Philippe; Reenen, John Van; Zingales, Luigi - Centre for Economic Performance, LSE - 2009
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …
Persistent link: https://www.econbiz.de/10005670440
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Urbanisation and Structural Transformation
Michaels, Guy; Rauch, Ferdinand; Redding, Stephen - Centre for Economic Performance, LSE - 2008
This paper presents new evidence on urbanization using sub-county data for the United States from 1880-2000 and municipality data for Brazil from 1970-2000. We show that the two central stylized features of population growth for cities - Gibrat's Law and a stable population distribution - are...
Persistent link: https://www.econbiz.de/10005220077
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City Size Distributions As A Consequence of the Growth Process
Duranton, Gilles - Centre for Economic Performance, LSE - 2002
previous literature, the model proposed here satisfies these three requirements. It views small innovation-driven techno …
Persistent link: https://www.econbiz.de/10005017186
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Agglomeration, Trade and Selection
Ottaviano, Gianmarco I. P. - Centre for Economic Performance, LSE - 2012
This paper studies how firm heterogeneity in terms of productivity affects the balance between agglomeration and dispersion forces in the presence of pecuniary externalities through a selection model of monopolistic competition with variable mark-ups. It shows that firm heterogeneity matters....
Persistent link: https://www.econbiz.de/10009651300
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Unequal Britain: How Real Are Regional Disparities?
Gibbons, Steve; Overman, Henry - Centre for Economic Performance, LSE - 2011
Average earnings vary widely across the regions of Britain, a fact that has prompted many decades of policies aimed at reducing regional disparities. But as Henry Overman and Steve Gibbons demonstrate, such variation reveals little, especially if we ignore regional differences in the cost of...
Persistent link: https://www.econbiz.de/10009351544