This paper shows how heterogeneity in patent ownership across generations and lifecycle saving considerations qualitatively change the conventional implications of patent policy for quality growth. We study a close Overlapping Generations economy that grows through sequential quality...

We study the effects of reducing intercity commuting time on urbanization process -- from Suburb to Metropolis -- that is driven by a technological advantage held by the Metropolis. In each period, a new generation of workers that are heterogeneous with respect to ability is born. Workers can...

We show how technological leader gains from inviting an entrant into R&D competition to improve over existing patented technology, as the entrant takes complementary R&D effort, and the demand for both current and improved technologies is increasing with aggregate probability for successful...