It has long been recognized that R&D plays a key role in the global battle for technological leadership. However, due to intense competition and rivals' imitations, firms are not always able to reap rewards from their innovations. Mario Kafouros theoretically and empirically examines the impacts...

Pollution from transport is being cut substantially through exhaust emissions regulations and vehicle manufacturers’ investments in cleaner technologies. The benefits of these improvements, however, are delayed as car fleet renewal takes a decade on average in Europe. Car scrappage schemes can...