Growth through heterogeneous innovations

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Title: Growth through heterogeneous innovations
Author: Akcigit, Ufuk ; Kerr, William R.
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
Series number: 28/2013
Year of publication: 2013
Publication date: 19.11.2013
Pages: 84 s.
Keywords: yritykset; innovaatiot; R&D; patentit; vaikutukset; talouskasvu; yrittäjät; mallit;
JEL: O31; O33; O41; L16
Abstract: 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 improve their existing product lines. We model and show empirically that exploration R&D does not scale as strongly with firm size as exploitation R&D. The resulting framework conforms to many regularities regarding innovation and growth differences across the firm size distribution. We also incorporate patent citations into our theoretical framework. The framework generates a simple test using patent citations that indicates that entrants and small firms have relatively higher growth spillover effects. JEL Classification: O31, O33, O41, L16 Keywords: Endogenous Growth, Innovation, Exploration, Exploitation, Research and Development, Patents, Citations, Scientists, Entrepreneurs

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