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Competition and Innovation : An Inverted U Relationship

Aghion, Philippe; Bloom, Nicholas; Griffith, Rachel; … - 2021

This paper investigates the relationship between product market competition (PMC) and innovation. A growth model is … reduce innovation incentives for laggards. There are four key predictions. First, the relationship between product market … competition (PMC) and innovation is an inverted U-shape. Second, the equilibrium degree of technological neck-and-neckness' among …

Persistent link: https://www.econbiz.de/10013230578

Exchange Rate Volatility and Productivity Growth : The Role of Financial Development

Aghion, Philippe - 2010

This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country%u2019s level of financial development. For countries with relatively low levels of financial development,...

Persistent link: https://www.econbiz.de/10012761684

Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment

Aghion, Philippe; Banerjee, Abhijit V.; Angeletos, … - 2021

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it...

Persistent link: https://www.econbiz.de/10013252334

The Causal Effects of Competition on Innovation : Experimental Evidence

Aghion, Philippe - 2014

-by-step innovation. Innovations result from costly R&D investments and move technology up one step. Competition is inversely measured by …-and-neck. All these results are consistent with the predictions of step-by-step innovation models …

Persistent link: https://www.econbiz.de/10013056594

A Model of Growth Through Creative Destruction

Aghion, Philippe; Howitt, Peter - 2022

This paper develops a model based on Schumpeter's process of creative destruction. It departs from existing models of endogenous growth in emphasizing obsolescence of old technologies induced by the accumulation of knowledge and the resulting process or industrial innovations. This has both...

Persistent link: https://www.econbiz.de/10013323577