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What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance …-cycle patterns for firm growth. These theories include organizational capital accumulation and management practices, financial … frictions, learning about demand, and recent endogenous growth models with incumbent innovation. We emphasize the importance of …
Persistent link: https://www.econbiz.de/10010951103
information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that elevated … validates endogenous growth theory models of creative destruction, such as Aghion and Howitt (1992); and suggests that recent …
Persistent link: https://www.econbiz.de/10005084574
We explore the impact of investment-specific technology (IST) shocks on the crosssection of stock returns. IST shocks … differential effect on the two fundamental components of firm value, the value of assets in place and the value of growth … growth opportunities are different from those on firms with limited growth opportunities. Second, firms with similar levels …
Persistent link: https://www.econbiz.de/10009652850
We explore the role of technological innovation as a source of economic growth by constructing direct measures of … technological innovation are strongly related to subsequent differences in industry output growth. …
Persistent link: https://www.econbiz.de/10009421977
Chamley (1986) and Judd (1985) showed that, in a standard neoclassical growth model with capital accumulation and … innovation-led growth into the Chamley-Judd framework, using a Schumpeterian growth model where productivity …
Persistent link: https://www.econbiz.de/10010969317
This chapter reviews academic research on the connections between agglomeration and innovation. We first describe the conceptual distinctions between invention and innovation. We then describe how these factors are frequently measured in the data and some resulting empirical regularities....
Persistent link: https://www.econbiz.de/10010885295
, technology, and geography, and that none of these alone is sufficient to account for the diverse patterns of global growth. We … middle income; the distribution of economic activity around the world today; the patterns of growth between 1960 and 2010 …
Persistent link: https://www.econbiz.de/10010950899
productivity growth and regional employment shares are determined by the extent of competition. Quantitatively, the model accounts …
Persistent link: https://www.econbiz.de/10010950979
This paper raises basic questions about the process of economic growth. It questions the assumption, nearly universal … since Solow's seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever …. There was virtually no growth before 1750, and thus there is no guarantee that growth will continue indefinitely. Rather …
Persistent link: https://www.econbiz.de/10010950998
, broadly defined (e.g., attitudes toward science and technology, new versus old ideas, change, risk taking, personal agency …
Persistent link: https://www.econbiz.de/10011213640