TY  - UNPD
A1  - Grüning, Patrick
T1  - Heterogeneity in the internationalization of r&d: implications for anomalies in finance and macroeconomics
T2  - SAFE working paper series ; No. 185
N2  - Empirical evidence suggests that investments in research and development (R&D) by older and larger firms are more spread out internationally than R&D investments by younger and smaller firms. In this paper, I explore the quantitative implications of this type of heterogeneity by assuming that incumbents, i.e. current monopolists engaging in incremental innovation, have a higher degree of internationalization in their R&D technologies than entrants, i.e. new firms engaging in radical innovation, in a two-country endogenous growth general equilibrium model. In particular, this assumption allows the model to break the perfect correlation between incumbents’ and entrants’ innovation probabilities and to match the empirical counterpart exactly.
T3  - SAFE working paper - 185 
KW  - Heterogeneous innovation
KW  - Technology spillover
KW  - Endogenous growth
KW  - Creative destruction
KW  - International finance
Y1  - 2017
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/44995
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-449959
UR  - https://ssrn.com/abstract=3055684
PB  - SAFE
CY  - Frankfurt am Main
ER  -