This paper documents large and persistent differences in R&D returns across listed US firms, with firms at the 75th percentile earning twice the median return. Further- more, returns are consistently larger for highly innovative firms with a large …
This paper identifies worsening R&D allocative efficiency as a potential driver of declining US economic growth. Within a simple endogenous growth framework, I develop a closed-form solution of the growth rate that can be decomposed into a frontier …
The US and other developed nations have experienced two concurrent phenomena over the previous two decades: Slow productivity growth and rapid workforce aging. In this paper I argue that both phenomena are linked through a demand channel. Following …
This paper studies how gradualism affects the welfare gains from trade, technol- ogy, and reforms. When people face adjustment frictions, gradual shocks create less adverse distributional effects in the short run. We show that there are welfare gains …