We consider an R&D-driven endogenous growth model in which innovation is risky and agents are risk averse. Growth is … social insurance, thus encouraging innovation and accelerating growth. The general equilibrium effects of the reallocation of …

We construct a tractable general equilibrium model of cumulative innovation and growth, in which new ideas strictly … the rate of innovation, as well as a separate optimal required inventive step that maximizes welfare, with the former …

causal effect of human capital on income, net of the innovation channel. …

linked fields. Our analysis uses 1.8 million U.S. patents and their citation properties to map the innovation network and its … strength. Past innovation network structures are calculated using citation patterns across technology classes during 1975 …-1994. The interaction of this pre-existing network structure with patent growth in upstream technology fields has strong …

expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channel in a new … dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the … model for the US economy. First, we establish that the net effect of a decline in population growth on the growth rate of …

between political stability and economic growth which is stronger and empirically more robust in countries with high … bureaucratic costs. Motivated by these results, which contrast with previous contributions, we develop a model of growth with … defend their monopoly position and prevent innovation and entry of high-quality competitors. This requires that the incumbent …

We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex … welfare, amount of innovation and output growth at intermediate stages of technological development - periods when legal … excessive (greater than first-best) R&D investment and output growth. …

introduce a new framework, which combines trade and growth theory into a tractable tool for quantitative research. Our …

workers. Yet, the growing finance wage premium is unrelated to sectoral or aggregate growth, to countries’ innovative capacity …The growing finance wage premium is related to a modest net reallocation of skilled workers from non-finance sectors … into finance in a broad sample of 24 countries over 35 years. The reallocation is higher when the finance wage premium …

We analyse how spatial disparities in innovation activities, coupled with migration costs, affect economic geography …, growth and regional inequality. We provide conditions for existence and uniqueness of a spatial equilibrium, and for the …. Narrowing the gap in knowledge spillovers across regions raises growth, and reduces regional inequality by making firms more …