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Innovation and Growth with Financial, and other, Frictions
Chiu, Jonathan - 2011
a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and … innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain …, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations …
Persistent link: https://www.econbiz.de/10012461145
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Evaluation and Learning in R&D Investment
Frankel, Alex; Krieger, Joshua L.; Li, Danielle; … - National Bureau of Economic Research - 2023
We examine the role of spillover learning in shaping the value of exploratory versus incremental R&D. Using data from drug development, we show that novel drug candidates generate more knowledge spillovers than incremental ones. Despite being less likely to reach regulatory approval, they are...
Persistent link: https://www.econbiz.de/10014287391