of creative destruction, we draw a distinction between technological innovation advanced by the firm, or its competitors …. Using administrative data from the United States, we find that own firm innovation is associated with a modest increase in … worker earnings growth, while innovation by competing firms is related to lower future worker earnings. Importantly, these …

revolutions, the nature of this uncertainty changes from idiosyncratic to systematic. The resulting "bubbles" in stock prices are … observable ex post but unpredictable ex ante, and they are most pronounced for technologies characterized by high uncertainty and …

activities. This paper demonstrates that uncertainty may induce similar costs. This argument is illustrated in the context of … and intermediate products used in domestic production. The present paper shows that uncertainty acts as an implicit tax on …, uncertainty inhibits the formation of new activities. Unlike the tariff, however, uncertainty does not benefit the government with …

discuss the implications of the risks we analyze for the total volume of medical innovation and for its organization across …

previous Boston mechanism, a priority matching mechanism, and the case in favor of the change to a strategy-proof mechanism … unassigned students could have been assigned to one of their stated choices with a different strategy under the current mechanism …. This interaction between sophisticated and unsophisticated players identifies a new rationale for strategy-proof mechanisms …

strategy are common across the two models: In particular, highly inertial interest rate rules that respond to nominal income or …

the abnormal performance of defensive equity (i.e., low volatility and/or low beta strategies). While defensive strategy …