Future crisis will be different from previous crises due to the fast speed of technological innovation. In particular, after the subprime crisis and the Piketty Panic, we need a new macroeconomic framework based on three ingredients, namely, fast and dramatic technological innovation, financial...

This paper provides causal evidence on the impact of patenting choices on innovation outcomes. Using a novel database on legal decisions that randomly change firms' patenting motives, I show that patenting choice alone explains 50% of the variation in patents. By increasing the incentive to file...

Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This...