What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance …-cycle patterns for firm growth. These theories include organizational capital accumulation and management practices, financial … frictions, learning about demand, and recent endogenous growth models with incumbent innovation. We emphasize the importance of …

information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that elevated … validates endogenous growth theory models of creative destruction, such as Aghion and Howitt (1992); and suggests that recent …

We explore the impact of investment-specific technology (IST) shocks on the crosssection of stock returns. IST shocks … differential effect on the two fundamental components of firm value, the value of assets in place and the value of growth … growth opportunities are different from those on firms with limited growth opportunities. Second, firms with similar levels …

We explore the role of technological innovation as a source of economic growth by constructing direct measures of … technological innovation are strongly related to subsequent differences in industry output growth. …

Chamley (1986) and Judd (1985) showed that, in a standard neoclassical growth model with capital accumulation and … innovation-led growth into the Chamley-Judd framework, using a Schumpeterian growth model where productivity …

, technology, and geography, and that none of these alone is sufficient to account for the diverse patterns of global growth. We … middle income; the distribution of economic activity around the world today; the patterns of growth between 1960 and 2010 …

productivity growth and regional employment shares are determined by the extent of competition. Quantitatively, the model accounts …

This paper raises basic questions about the process of economic growth. It questions the assumption, nearly universal … since Solow's seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever …. There was virtually no growth before 1750, and thus there is no guarantee that growth will continue indefinitely. Rather …

, broadly defined (e.g., attitudes toward science and technology, new versus old ideas, change, risk taking, personal agency …