The fraction of R&D active firms decreased in Switzerland but increased in the Netherlands from 2000-2016. This paper examines reasons for this divergence and its impact on productivity growth. Our micro-data reveal R&D concentration among high-productivity firms in Switzerland. Innovation...

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Contents -- Acknowledgements -- Introduction -- 1 Herring fishing -- 2 Interest rates -- 3 Banking and funds -- 4 Land registration and credit -- Postscript -- References -- Index.