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An Empirical Model of Growth Through Product Innovation
Open accessAbstract
Productivity differences across firms are large and persistent, but the evidence for worker reallocation as an important source of aggregate productivity growth is mixed. The purpose of this paper is to estimate the structure of an equilibrium model of growth through innovation designed to identify and quantify the role of resource reallocation in the growth process. The model is a version of the Schumpeterian theory of firm evolution and growth developed by Klette and Kortum (2004) extended to allow for firm heterogeneity. The data set is a panel of Danish firms that includes information on value added, employment, and wages. The model's fit is good. The estimated model implies that more productive firms in each cohort grow faster and consequently crowd out less productive firms in steady state. This selection effect accounts for 53% of aggregate growth in the estimated version of the model.
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Citations
Cited by
Syverson, C. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.2.326 · Cited by 2,942
Innovation, Firm Dynamics, and International Trade
Atkeson, A., & Burstein, A. T. (2010) · Journal of Political Economy · doi:10.1086/653690 · Cited by 608
Metadata
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2008
- Volume
- 76
- Issue
- 6
- Pages
- 1317-1373
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W4214806580
- Cited by
- 354
- References
- 0
- FWCI
- 19.72
- Type
- journal article
- Language
- en
- Open access
- bronze
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
