Innovation, Reallocation, and Growth

• 成果类型: Article
• 署名作者: Acemoglu, Daron; Akcigit, Ufuk; Alp, Harun; Bloom, Nicholas; Kerr, William
• 署名单位: Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago; University of Pennsylvania; Stanford University; Harvard University; Bank of Finland
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20130470
• 发表日期: 2018
• 页码: 3450-3491
• 关键词: research-and-development; patent; PRODUCTIVITY; DYNAMICS; FIRMS; allocation; selection; turnover; industry; MODEL

摘要

We build a model offinn-level innovation, productivity growth, and reallocation featuring endogenous entry and exit. A new and central economic force is the selection between high- and low-type firms, which differ in terms of their innovative capacity. We estimate the parameters of the model using US Census microdata on firm-level output, R&D, and patenting. The model provides a good fit to the dynamics of firm entry and exit, output, and R&D. Taxing the continued operation of incumbents can lead to sizable gains (of the order of 1.4 percent improvement in welfare) by encouraging exit of less productive firms and freeing up skilled labor to be used for R&D by high-type incumbents. Subsidies to the R&D of incumbents do not achieve this objective because they encourage the survival and expansion of low-type firms.