Growth Through Intersectoral Knowledge Linkages
نویسندگان
چکیده
The majority of innovations are developed by multi-technology (or multi-sector) firms. The knowledge needed to invent new products is more easily adapted from some sectors than from others. Here, we study this network of knowledge linkages between sectors and its impact on firm innovation and aggregate growth. We develop a general equilibrium model of multi-sector firm innovation in which intersectoral knowledge linkages determine a firm’s self-selection into different sets of sectors and its R&D investment across sectors. It captures how firms evolve in the ‘technology space’, accounts for cross-sector differences in R&D intensity, and describes an aggregate model of technological change. Using simulations, we demonstrate that the model can match new observations concerning firms’ multi-technology patenting behavior documented in this paper. The model also yields new insights into the effects of barriers to diversity on growth.
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