States over the last 150 years. According to the quot;new growth theory,quot; investments in knowledge and human capital … generate economic growth via spillovers of knowledge. But the theory does not explain how or why spillovers occur, or why large …

, innovation. Using a Schumpeterian growth model in which firms' dynamic R&D and financing choices are endogenously determined, we … demonstrate that this second effect always dominates, so that debt fosters innovation and growth at the aggregate level. Our paper …-industry variation in leverage and innovation …

The theory of endogenous technical change has deeply contributed to our understanding of the fundamental sources of … structure of endogenous growth models with horizontal as well as vertical innovation and emphasizing important implications for …

We examine the conceptualization of entrepreneurs in neo-Schumpeterian growth theory, which has reintroduced …. The results show that the literature leans towards Schumpeter (1942); innovation returns are modeled as following an ex … ante known probability distribution. By assuming that the outcomes of innovation activities are (probabilistically …

, infrastructure development, and technological innovation. The results reveal that the impact of innovation-related spending on …

protection can stimulate innovation. However, the empirical literature has consistently found skeptical results on the positive … our model, broadening leading breadth can negatively affect innovation because each innovator is incentivized to free …

the fundamental (and still poorly understood) role played by innovation in the finance-growth nexus. …