The World Trade Organization forecasts that the volume of global trade will in 2009 exhibit its biggest contraction since World War II. This large drop in international trade is generating significant attention and concern. Given the severity of the current global recession, is international...

Global trade fell 20 percent relative to world GDP during the global recession of 2008-2009. We develop a dynamic multi-country general equilibrium model of international trade to investigate the sources of this collapse. Our framework provides a complete accounting for what happened to...

While policymakers often assume venture capital has a profound impact on innovation, that premise has not been evaluated systematically. We address this omission by examining the influence of venture capital on patented inventions in the United States across twenty industries over three decades....

We develop and estimate a model of technological innovation and its contribution to growth at home and abroad. International patents indicate where innovations come from and where they are used. Countries grow at a common steady-state rate. A country's relative productivity depends upon its...

I use the aggregate behavior of three indicators of technology (employment of research and scientists and enginerrs, patented inventions, and total factor productivity) to identify a model of endogenous technological change. In the United States and several other developed countries, research...

We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in...

We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in...

We model the invention of new technologies and their diffusion across countries. Our model predicts that, eventually, all countries will grow at the same rate, with each country's productivity ranking determined by how rapidly it adopts inventions. The common growth rate depends on research...

This paper develops a search-theoretic model of technological change to explain why both patenting and the growth of productivity have remained roughly constant while research employment in the United States has increased by a factor of six over the past four decades. In the model, researchers...