traces the sources of TFP growth in the UK over the last two decades through the lens of a structural model of innovation …, using registry data on the universe of firms. The dominant innovation source in the pre-GFC decade were improvements by … recovery, survey data suggests that creative destruction (i.e., innovation replacing other firms' products) is expected to gain …

&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence …

Intangible investment is growing as a share of economic activity. We present a simple framework incorporating its … distinguishing characteristic of generally greater scalability and lower marginal costs than tangible investment. We show evidence … large constituent of intangible investment, may be leading to wage stagnation and greater market concentration …

particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of …

This paper extends the Schumpeterian model of creative destruction by allowing followers' cost of innovation to …

differing roles of imitation and innovation in human capital accumulation. The country initially concentrates on imitation of … foreign knowledge; subsequently, as it approaches the knowledge frontier, innovation plays a greater role. Late developers …

increasing returns to scale; (2) the impact of increases in private investment on growth is large, significant, and robust; (3 …) increases in government investment have a positive impact on growth; (4) human capital development plays an important role in …