heterogeneous across countries: Innovation leaders and followers behave countercyclically during recessions while moderate … countries behind the innovation frontier might strengthen their resilience to economic crises by adopting countercyclical R …

Recent empirical evidence has shown that firm’s innovation behavior exhibits high persistency but not much is known … environment and asks how local knowledge spillovers affect firms' innovation persistence. The empirical analysis draws upon a … former evidence that persistency in innovation is driven by true state dependence. More importantly, we find that the local …