This paper studies the impact of the early adoption of one of the most important high-technology machines in history, the public mechanical clock, on long-run growth in Europe. We avoid endo-geneity by considering the relationship between the adoption of clocks with an instrument based on the...

We investigate the effect of better access to foreign markets on innovation strategies of multi-product firms in industries with different scope for product differentiation. Industry-specific demand and cost linkages induce a distinction between the returns to innovation. In differentiated...

This paper studies the innovation strategies of multi-product firms in industries with different scope for product differentiation. In a simple model of multi-product firms, we show that returns to product versus process innovation are industry-specific. Demand and cost linkages induce a natural...

Applications such as iMessage, KakaoTalk, LINE, Signal, Skype, Snapchat, Threema, Viber, WhatsApp and WeChat have become an increasingly popular means of personal and business interaction. Surprisingly little academic effort has gone into understanding the nature and origin of these...