Results

Journal article

82nd Annual Meeting of the Academy of Management:

Efficient industrial policy for innovation: standing on the shoulders of hidden giants

Knowledge spillovers drive a wedge between private and social returns to R&D. Efficient innovation policy assigns subsidies to fields where spillovers are relatively important. We develop new measures for the private and...Read more...

CEP discussion paper

Efficient industrial policy for innovation: Standing on the shoulders of hidden giants

We quantify the efficiency gains from targeting R&D subsidies to fields with the highest knowledge spillover externalities. By combining new measures of spillovers and private returns with field-specific structural estim...Read more...