Most research on firm financing studies the choice between debt and equity. We model an alternative source -- non … issues equity if the financing need is high. This result is robust to using the cash for an uncertain investment. Second …

We measure the impact of a drastic new technology for producing steel, the minimill, on the aggregate productivity of U …'s productivity is linked to this new technology, and operates through two distinct mechanisms. First, minimills displaced the older … technology, called vertically integrated production, and this reallocation of output was responsible for a third of the increase …

hours worked rise or fall when technology improves. Recent literature finds that when hours per person enter the VAR in … following a technology improvement. The issue is the common high-low-high pattern of hours per capita and productivity growth …

observed price patterns. The high volatility results from high uncertainty about the average productivity of a new technology …. Investors learn about this productivity before deciding whether to adopt the technology on a large scale. For technologies that … railroad technology by the late 1850s. …

We review the literature on the links between technology and international trade. The older literature assumed … relationship between each one of these forms of change in technology with international trade. Apart from integrating much of the …