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Innovating Firms and Aggregate Innovation

  • Klette, Tor Jakob

    ()

    (Dept. of Economics, University of Oslo)

  • Kortum, Samuel

    ()

    (Dept. of Economics, University of Oslo)

De develop a parsimonious model of innovating firms rich enough to confront firm-level evidence. It captures the dynamic behavior of individual heterogeneous firms, describes the evolution of an industry with simultaneous entry and exit, and delivers a general equilibrium model of technological change. While unifying the theoretical analysis of firms, industries, and the aggregate economy, the models yields insight into empirical work on innovating firms. It accounts for the persistence over time of firms’ R & D investments, the concentration of R & D among incumbents firms, and the link between R & D and patenting . Furthermore, it explains why R & D as a fraction of revenues is strongly related to firm productivity yet largely unrelated to firm size or growth.

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2002/Memo-02-2002.pdf
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Paper provided by Oslo University, Department of Economics in its series Memorandum with number 02/2002.

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Length: 45 pages
Date of creation: 15 Feb 2002
Date of revision:
Publication status: Forthcoming in Journal of Political Economy, pages 2004.
Handle: RePEc:hhs:osloec:2002_002
Contact details of provider: Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Web page: http://www.oekonomi.uio.no/indexe.html
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