Advertising, Innovation, and Economic Growth

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-06-29 DOI:10.1257/mac.20180461

Laurent Cavenaile, Pau Roldan-Blanco

引用次数: 0

Abstract

This paper analyzes the implications of advertising for firm dynamics and economic growth through its interaction with R&D. We develop a model of endogenous growth with firm heterogeneity that incorporates advertising decisions and calibrate it to match several empirical regularities across firm size. Our model provides microfoundations for the empirically observed negative relationship between both firm R&D intensity and growth and firm size. In the calibrated model, about half of the deviation from proportional firm growth is attributed to our novel advertising channel. In addition, R&D and advertising are substitutes, a prediction for which we find evidence in the data. (JEL D22, E23, H25, L25, M37, O32)

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广告、创新和经济增长

本文通过广告与研发的互动，分析了广告对企业动态和经济增长的影响。我们开发了一个具有企业异质性的内生增长模型，将广告决策纳入其中，并对其进行校准，以匹配企业规模的几个经验规律。我们的模型为实证观察到的企业研发强度与增长和企业规模之间的负相关关系提供了微观基础。在校正后的模型中，企业比例增长的偏差约有一半归因于我们的新广告渠道。此外，研发和广告是相互替代的，这一预测我们在数据中找到了证据。(jel d22, e23, h25, l25, m37, o32)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.