This study demonstrates that the interactions of firm-level indivisible investments give rise to aggregate fluctuations without aggregate exogenous shocks. When investments are indivisible, aggregate capital is determined by the number of firms that invest. I develop a method to derive the...

This paper investigates the effect of exogenous entry barriers on productivity growth, using an R&D-based endogenous growth model. When firms are heterogeneous in their innovation efficiency levels, we found that a reduction in entry costs lowers the relative importance of a selection mechanism...

In science, research teams are increasing in size, which suggests that science is becoming more organisational. This paper aims to empirically investigate the effects of the division of labour in management and science on serendipity, which has been considered one of the great factors in...