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On the Timing of Innovation in Stochastic Schumpeterian Growth Models

Barlevy, Gadi - 2004

Recent work has revived the Schumpeterian hypothesis that recessions facilitate innovation and growth. But a major source of productivity growth, research and development, is actually procyclical. This paper argues that while it is optimal to concentrate growth-enhancing activities in downturns,...

Persistent link: https://www.econbiz.de/10012467949

The Effect of Financial Development on Convergence : Theory and Evidence

Aghion, Philippe - 2004

We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology … transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development … long-run growth rate. The theory also predicts that in a country that converges to the frontier growth rate, financial …

Persistent link: https://www.econbiz.de/10012468335

What Do We Learn From Schumpeterian Growth Theory?

Aghion, Philippe - 2013

Schumpeterian growth theory has "operationalized" Schumpeter''s notion of creative destruction by developing models … growth institutions; (iv) the emergence and impact of long-term technological waves. In each case Schumpeterian growth theory …

Persistent link: https://www.econbiz.de/10012459838

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

R&D, Implementation and Stagnation : A Schumpeterian Theory of Convergence Clubs

Howitt, Peter - 2002

We construct a Schumpeterian growth theory consistent with the divergence in per-capita income that has occurred … second half of the 20th Century. The theory assumes that technological change underwent a transformation late in the 19th …

Persistent link: https://www.econbiz.de/10012469607

Economic Development as Self-Discovery

Hausmann, Ricardo - 2002

In the presence of uncertainty about what a country can be good at producing, there can be great social value to discovering costs of domestic activities because such discoveries can be easily imitated. We develop a general-equilibrium framework for a small open economy to clarify the analytical...

Persistent link: https://www.econbiz.de/10012469762

Learning by Doing and the Dynamic Effects of International Trade

Young, Alwyn - 1991

Using an endogenous growth model in which learning by doing, although bounded in each good, exhibits spillovers across goods, this paper investigates the dynamic effects of international trade. Examining an LDC and a DC, the latter distinguished by a higher initial level of knowledge, under...

Persistent link: https://www.econbiz.de/10012475443

A Schumpeterian Model of Top Income Inequality

Jones, Charles I. - 2014

Top income inequality rose sharply in the United States over the last 35 years but increased only slightly in economies like France and Japan. Why? This paper explores a model in which heterogeneous entrepreneurs, broadly interpreted, exert effort to generate exponential growth in their incomes....

Persistent link: https://www.econbiz.de/10012458028

Cross-Sectoral Variation in The Volatility of Plant-Level Idiosyncratic Shocks

Castro, Rui - 2011

We estimate the volatility of plant-level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy-wide factors, or by establishments' characteristics. Consistent...

Persistent link: https://www.econbiz.de/10012460998

Financial Innovation and Endogenous Growth

Michalopoulos, Stelios - 2009

Is financial innovation necessary for sustaining economic growth? To address this question, we build a Schumpeterian model in which entrepreneurs earn profits by inventing better goods and profit-maximizing financiers arise to screen entrepreneurs. The model has two novel features. First,...

Persistent link: https://www.econbiz.de/10012463294