How do intellectual property rights that determine the market power of firms influence the effects of monetary policy on economic growth and social welfare? To analyze this question, we develop a monetary R&D-based growth model with elastic labor supply. We find that monetary expansion reduces...

This paper presents a survey of theoretical models of heterogeneity, growth and competitiveness. We compare two main theoretical traditions, evolutionary economics and mainstream heterogeneity models, in order to investigate whether the incorporation of heterogeneous agents has made the recent...

The article presents a critical review of evolutionary and new growth theories. The purpose is to discuss the often-made claim that the two approaches, both inspired by Schumpeter’s seminal work, are becoming more and more similar in terms of the sources and mechanisms of the growth process on...

This article presents a model of macroeconomic growth that combines in a single formalization two complementary views on innovation and economic growth, the technology-gap approach and the Kaldorian theory of cumulative causation. The model suggests that what matters for economic growth in the...

The article discusses a critical realist interpretation of evolutionary growth theorising by focusing on some of its basic characteristics. The evolutionary ontology is complex, differentiated, structured, systemic, open, ever-changing, and radically uncertain. Its methodology tends to be...

This study analyzes the growth and welfare effects of monetary policy in a two-country Schumpeterian growth model with cash-in-advance constraints on consumption and R&D investment. We find that an increase in the domestic nominal interest rate decreases domestic R&D investment and the growth...

In this note, we develop a search-based monetary growth model to analyze the growth and welfare effects of inflation. We introduce endogenous growth via capital externality into a two-sector search model and compare the effects of inflation to those from a standard cash-in-advance (CIA) growth...

In the US, defense R&D share of GDP has decreased significantly since 1960. To analyze the implications on economic growth and welfare, we develop an R&D-based growth model that features the commonly discussed crowding-out and spillover effects of defense R&D on civilian R&D. The model also...