, 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 …

and services) model with induced innovation that can rationalize these phenomena as well as several other empirical …

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 …

not affect innovation and thus economic growth. A high enough flat tax rate leads to the first best for economic growth …

. After linking these ideas to the induced innovation literature of the 1960s and the more recent directed technological …

implications of this type of heterogeneity by assuming that incumbents, i.e. current monopolists engaging in incremental innovation … innovation, in a two-country endogenous growth general equilibrium model. In particular, this assumption allows the model to … break the perfect correlation between incumbents' and entrants' innovation probabilities and to match the empirical …

Environmental regulations have consistently been found to spur innovation in "clean" technologies, with one significant … effect on innovation. Several explanations have been offered, including secondary market failures and a lack of polluter …, contrary to past experience, encouraged innovation rather than adoption. I discuss how these contrasting findings can be …

major databases. We first show in theory how a range of technical-change mechanisms can be adequately captured in a reduced …

readily available. I reconcile theory and empirics by discussing the role of induced innovation in models of environmental … phase-out of ozone-depleting substances. I show that the protocol increased science and innovation on alternatives to ozone …