Externalities play a central role in most theories of economic growth. We argue that international externalities, in … have international knowledge externalities. When calibrated, the hybrid model does a surprisingly good job of generating …

model incorporates demand uncertainty as well as externalities. We first compare different government objectives and convey … that the magnitude of the externalities plays a key role in selecting the right objective. We then show that the impact of … competition depends on demand uncertainty, suppliers' asymmetry, and the magnitude of the externalities. Under low externalities …