Initially published estimates of the personal saving rate from 1965 Q3 to 1999 Q2, which averaged 5.3 percent, have been revised up 2.8 percentage points to 8.1 percent, as we document. We show that much of the initial variations in personal saving rate across time was pure noise. Nominal...

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...