We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new product lines and exploitation R&D to...

We build a tractable growth model where multi-product incumbents invest in internal innovations to improve their existing products, while new entrants and incumbents invest in external innovations to acquire new product lines. External and internal innovations generate heterogeneous innovation...

We consider an endogenous growth model with two sectors: an intermediate input (or "upstream") sector and a final product (or "downstream") sector. Innovation takes place in both sectors. Following Gilbert and Shapiro (1990), we define patent breadth as the ability of the innovator to reap...

This paper presents the problem of satiation of consumption and technology in relation to a model of evolutionary endogenous growth. The model represents an attempt to provide an evolutionary economic micro foundation to Pasinetti's scheme of the structural economic dynamics of an economy that...

In this paper we build an endogenous growth model where human capital and ideas are complements in the long-run equilibrium and technological progress takes the form of a continuous increase in the number of horizontally differentiated varieties of intermediate inputs. One peculiarity of the...

In this paper we build an endogenous growth model where human capital and ideas are complements in the long-run equilibrium and technological progress takes the form of a continuous increase in the number of horizontally differentiated varieties of intermediate inputs. One peculiarity of the...

We study how external versus internal innovations promote economic growth through a tractable endogenous growth framework with multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in external R&D to acquire new product lines and in internal R&D to improve their existing...

I investigate the aggregate effects of R&D tax credits in the US. Because it subsidizes R&D activity and because credit rates vary between states, this policy has both spatial and dynamic effects on the economy. To address this issue, I construct an endogenous growth model with spatial...

Advancements in the areas of Information Technologies (IT) and the New Life Sciences (NLS) are helping redefine the boundaries of Intellectual Property Rights (IPRs). Although the fast growth of these technological areas may very well be fueled by the existence of the IPR system itself, in...

This paper builds a dynamic stochastic general equilibrium (DSGE) model of endogenous growth that is capable of generating substantial degrees of endogenous persistence in productivity. When products go out of patent protection, the rush of entry into their production destroys incentives for...