This paper studies the adoption of nuclear magnetic resonance imaging (MRI) by US hospitals. I consider a timing game of new technology adoption. The dynamic game allows me to take both timing decisions and strategic interaction into account. The model can be solved using standard dynamic...

Using Compustat data, we document that prior to 1980, large R&D per-forming firms had higher R&D intensity (R&D/Sales) than small firms in the same industries. Over the course of the next two decades, in these same in-dustries, small firms came to rival and even surpass large firms in terms of...

Social norms are influenced by the technological environment that a society faces. Behavioral modes reflect purposive decision making by individuals, given the environment they live in. Thus, as technology changes, so might social norms. There were big changes in social norms during the 20th...

A simple dynamic general equilibrium model is set up in which firms face idiosyncratic productivity shocks. Firms whose productivity has fallen too low exit, and entrants try to imitate the practice of existing firms, so that the expected productivity of entering firms is a function of current...

The main implications of the Q-theory of mergers are tested for United States and seven continental European countries in both the domestic and cross-border cases. I find that European firms, much like those in the United States, tend to use mergers and acquisitions to make large increases in...

This paper studies the economics of intellectual property transfer using new data on the transfers of patents. We first present evidence about how the transfer and the expiration of patents relate to age, patent citations received, whether the patent has been previously traded or not, and the...

This paper attempts to provide a coherent general equilibrium explanation for the joint U.S-British evolution during the last thousand years. We typified this period by initial Malthusian stagnation (before 1500); discovery and colonization (between 1500 and 1750); independence of the colony and...

I study the implications for the development of a country hosting of multinational firms. The paper argues that despite the negative impact on existing local firms, the presence of foreign firms induce the emergence of a new sector of domestic firms and that in the long term, the country to...

Beginning with the seminal work by Kydland and Prescott, standard business cycle theory has credited technology shocks with being a major source of business cycle fluctuations. Unfortunately, these shocks, by their nature, are hard to identify and measure. This paper utilizes new measures of...