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Dou, Winston Wei; Ji, Yan; Tian, Di; Wang, Pengfei - National Bureau of Economic Research - 2024

distorting innovation decisions. When agents hold recursive preferences, misallocation-driven low-frequency growth fluctuations …

Persistent link: https://www.econbiz.de/10014486238

Innovation Networks and Innovation Policy

Liu, Ernest; Ma, Song - National Bureau of Economic Research - 2021

We study the optimal allocation of R&D resources in an endogenous growth model with an innovation network, through … more R&D toward key sectors that are upstream in the innovation network. Second, we extend to an open-economy setting and … spillovers has less incentive to direct resources toward innovation-upstream sectors, leading to cross-country differences in …

Persistent link: https://www.econbiz.de/10012794633

When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts

Acharya, Viral V.; Rajan, Raghuram Govind; Shim, Jack - National Bureau of Economic Research - 2022

We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country's access to external borrowing. In turn, access to borrowing...

Persistent link: https://www.econbiz.de/10013334513

Short-Term Tax Cuts, Long-Term Stimulus

Cloyne, James; Martinez, Joseba; Mumtaz, Haroon; … - National Bureau of Economic Research - 2022

We study the persistent effects of temporary changes in U.S. federal corporate and personal income tax rates using a narrative identification approach. A corporate income tax cut leads to a sustained increase in GDP and productivity, with peak effects between five and eight years. R&D spending...

Persistent link: https://www.econbiz.de/10013334463

Transitional Dynamics in Aggregate Models of Innovative Investment

Atkeson, Andrew - 2018

What quantitative lessons can we learn from models of endogenous technical change through innovative investments by firms for the impact of changes in the economic environment on the dynamics of aggregate productivity in the short, medium, and long run? We present a unifying model that nests a...

Persistent link: https://www.econbiz.de/10012480972

Openness, Technology Capital, and Development

McGrattan, Ellen - 2007

In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research and development, brands, and organization capital. What...

Persistent link: https://www.econbiz.de/10012465131

Trade, Knowledge, and the Industrial Revolution

O'Rourke, Kevin Hjortshøj - 2007

Technological change was unskilled-labor-biased during the early Industrial Revolution of the late eighteenth and early nineteenth centuries, but is skill-biased today. This fact is not embedded in extant unified growth models. We develop a model of the transition to sustained economic growth...

Persistent link: https://www.econbiz.de/10012465597

An Empirical Model of Growth Through Product Innovation

Lentz, Rasmus - 2005

through innovation that explains these facts. The model is a modified version of the Schumpeterian theory of firm evolution …

Persistent link: https://www.econbiz.de/10012467132

Engines of Growth : Domestic and Foreign Sources of Innovation

Eaton, Jonathan - 1995

present a multicountry model of technological innovation and diffusion which has the implication that, for a wide range of …

Persistent link: https://www.econbiz.de/10012473670

New Goods, Old Theory, and the Welfare Costs of Trade Restrictions

Romer, Paul M. - 1993

The typical economic model implicitly assumes that the set of goods in an economy never changes. As a result, the predicted efficiency loss from a tariff is small, on the order of the square of the tariff rate. If we loosen this assumption and assume that international trade can bring new goods...

Persistent link: https://www.econbiz.de/10012474494