Scientific knowledge is believed to be the wellspring of innovation. Historically, firms have also invested in research … to fuel innovation and growth. In this paper, we document a shift away from scientific research by large corporations … innovation. Large firms appear to value the golden eggs of science (as reflected in patents) but not the golden goose itself (the …

ones that are not. Economists know little about this process, however, because empirical studies of innovation typically … associated with faster learning. Finally, we simulate two counterfactual innovation policies: an R&D subsidy and a publication …

demand, borrowing-constraints and the profitability of engaging in innovation (R&D). We decompose the effects of RER changes …

We quantify the effect of a significant technological innovation, shale oil development, on asset prices. Using stock …

or stifle innovation. Using three distinct sources of variation to identify rising trade exposure, we provide a causal …-level and technology class-level patent production. Accompanying this fall in innovation, global employment, sales …

on its ability to generate productivity increase, and domestic innovation will be an important part of it. In this paper …. In terms of drivers of innovation growth, we find that embracing expanded market opportunities in the world economy and … misallocation in the innovation area: while state-owned firms receive more subsidies, private firms exhibit more innovation results …