firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … strips. Our model delivers testable predictions about the behavior of firm-level real variables - investment and output …

Using administrative data from the United States, we document novel stylized facts regarding technological innovation … and the riskiness of labor income. Higher rates of industry innovation are associated with significant increases in labor … earnings for top workers. Decomposing this result, we find that own firm innovation is associated with a modest increase in the …

choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … measures of creative innovations proxy for innovation quality (average number of citations per patent) and creativity (fraction …

the social returns to other types of investment, any new climate mitigation R&D that comes at the expense of other R …&D investment may dampen the overall gains from induced technological change. Unfortunately, there has been little empirical work to …

investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show …

Recent empirical evidence identifies investment shocks as key driving forces behind business cycle fluctuations … between consumption growth and investment growth, a weak positive unconditional correlation between consumption growth and … short-run contractionary effect a positive investment shock on consumption. Such counterfactual co-movements are typical of …