All Outputs (22)

R&D and Economic Growth in a Cash-in-Advance Economy (2014)
Journal Article

R&D investment has well-known liquidity problems, with potentially important consequences. In this study, we analyze the effects of monetary policy on economic growth and social welfare in a Schumpeterian growth model with cash-in-advance (CIA) const... Read More about R&D and Economic Growth in a Cash-in-Advance Economy.

Effects of economic development in China on skill-biased technical change in the US (2014)
Journal Article

In this study, we explore the effects of a change in unskilled labor in China on the direction of innovation in the US by incorporating production offshoring into a North–South model of directed technical change. We find that intellectual property ri... Read More about Effects of economic development in China on skill-biased technical change in the US.

Ambiguity attitude, R&D investments and economic growth (2011)
Journal Article

The process aimed at discovering new ideas is an economic activity the returns from which are intrinsically uncertain. We extend the neo-Schumpeterian growth framework to investigate the role of strong uncertainty in the innovative process. In partic... Read More about Ambiguity attitude, R&D investments and economic growth.

Government Spending Composition, Technical Change, and Wage Inequality (2010)
Journal Article

In this paper we argue that government spending played a significant role in stimulating the wave of innovation that hit the U.S. economy in the late 1970s and in the 1980s, as well as the simultaneous increase in inequality and in education attainme... Read More about Government Spending Composition, Technical Change, and Wage Inequality.

Science-based R&D in Schumpeterian Growth (2009)
Journal Article

Firm success is often associated with the development of better products. Private firms undertake applied R&D seeking market advantage, by capitalizing on the freely accessible results of basic research. But unpatentable basic research often fails to... Read More about Science-based R&D in Schumpeterian Growth.

The refoundation of the symmetric equilibrium in Schumpeterian growth models (2007)
Journal Article

We provide a refoundation of the symmetric growth equilibrium characterizing the research sector of vertical R&D-driven growth models. We argue that the usual assumptions made in this class of models leave the agents indifferent as to where targeting... Read More about The refoundation of the symmetric equilibrium in Schumpeterian growth models.

Self-fulfilling prophecies in the quality ladders economy (2007)
Journal Article

If R&D difficulty increases as it accumulates, as recent evidence suggests, then there is a value in the diversification of the aggregate R&D efforts over the whole range of industries in the economy. However, this paper proves that the quality ladde... Read More about Self-fulfilling prophecies in the quality ladders economy.

The Arrow effect under perfectly competitive R&D (2007)
Journal Article

R&D cooperation, innovation, and growth (2006)
Journal Article

This paper presents a standard endogenous growth framework in which the source of growth is represented by vertical innovations. The crucial assumption we introduce is that there is a positive information gap concerning the discovery of innovation. T... Read More about R&D cooperation, innovation, and growth.

Do sunspots matter under complete ignorance? (2006)
Journal Article

In a two-period, sunspot, pure-exchange economy we analyse the case in which agents do not assign subjective probabilistic beliefs to the ‘sunspot activity’. Two generations, each of which is made up of identical agents, populate this economy. Partic... Read More about Do sunspots matter under complete ignorance?.

How much horizontal innovation is consistent with vertical innovation? (2006)
Journal Article

R&D-driven growth theory emphasizes vertical and horizontal innovation activities for long run growth. In this paper, we show that the real world co-existence of both innovative activities restricts the admissible laws of motion for horizontal innova... Read More about How much horizontal innovation is consistent with vertical innovation?.

Intellectual appropriability, product differentiation, and growth (2006)
Journal Article

In the modern world, the main assets are immaterial ideas. Such assets are much more easily stolen than traditional factors such as physical capital and land. In this paper, we investigate the long-run growth effects of intellectual misappropriation... Read More about Intellectual appropriability, product differentiation, and growth.

I-D y espionage: efectos sobre la renta, el crecimiento y la desigualdad [R&D and espionage: effects on income level, growth, and inequality] (2006)
Journal Article

Una parte de la literatura del crecimiento considera que los recursos intangibles tales como las ideas y el conocimiento son el motor principal de la prosperidad económica. Por su naturaleza intrínseca, las ideas son más fáciles de robar que los fact... Read More about I-D y espionage: efectos sobre la renta, el crecimiento y la desigualdad [R&D and espionage: effects on income level, growth, and inequality].

A note on progressive taxation and cooperation (2005)
Journal Article

This paper shows that marginally progressive taxation may help independent agents to sustain cooperation in a repeated prisoners' dilemma setting. It is suggested that political support for progressive taxation schemes may be affected by the desire t... Read More about A note on progressive taxation and cooperation.

Is the European R&D equally protected from espionage as is the US R&D? A note (2005)
Journal Article

Despite the huge economic value of the innovations, in European countries the yet unpatented results of the R&D activity can be stolen with little risk of criminal sanctions. By considering the anti-industrial espionage legislation in Europe, it turn... Read More about Is the European R&D equally protected from espionage as is the US R&D? A note.

Animal spirits and the composition of innovation (2005)
Journal Article

This paper shows that the Schumpeterian model with both vertical and horizontal innovative research admits many more equilibria than the unique symmetric balanced growth path (BGP) usually highlighted in the literature. Each of a continuum of BGPs is... Read More about Animal spirits and the composition of innovation.

Rat race, redistribution, and growth (2004)
Journal Article

Introducing locally negatively interdependent preferences into a simple AK growth model easily explains the often observed insignificant or positive correlation between distortionary redistribution and growth rates. Positive capital income taxes and... Read More about Rat race, redistribution, and growth.

Information transmission and the bounds to growth (2004)
Journal Article

This paper studies the long run growth implications of the presence of information acquisition and transmission costs. We assume that vertical innovation requires researchers to be informed on the current version of the product they want to improve u... Read More about Information transmission and the bounds to growth.

Parente and Prescott’s Theory may work in practice but does not work in theory (2003)
Journal Article

In this paper we challenge Parente and Prescott's (1999) theoretical framework, which establishes that unions use their control of "work practices" to thwart the efficient use of technology in the firms. We argue instead that unions, despite endowing... Read More about Parente and Prescott’s Theory may work in practice but does not work in theory.

Innovating on innovations (2003)
Journal Article

I ricercatori che vogliono inventare e sviluppare prodotti e processi innovativi debbono tenersi continuamente aggiornati almeno su una frazione incomprimibile delle ultime innovazioni rilevanti nel loro specifico campo. Se il flusso di nuove idee è... Read More about Innovating on innovations.