| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17512 |
| 来源ID | Working Paper 17512 |
| Innovation and Growth with Financial, and other, Frictions | |
| Jonathan Chiu; Cesaire Meh; Randall Wright | |
| 发表日期 | 2011-10-13 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and with the exchange of ideas from those who generate them to those best able to implement them (technology transfer). But frictions in this market, including search, bargaining, and commitment problems, impede exchange and thus slow growth. We characterize optimal policies to subsidize research and trade in ideas, given both knowledge and search externalities. We discuss the roles of liquidity and financial institutions, and show two ways in which intermediation can enhance efficiency and innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain bargaining problems, by allowing entrepreneurs to undo otherwise sunk investments in liquidity. We also discuss some evidence, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations. |
| 主题 | Development and Growth ; Development ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w17512 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575187 |
| 推荐引用方式 GB/T 7714 | Jonathan Chiu,Cesaire Meh,Randall Wright. Innovation and Growth with Financial, and other, Frictions. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17512.pdf（571KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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