Leadership Cycles in a Quality‐Ladder Model of Endogenous Growth
研究了一个内生增长的质量阶梯模型，该模型产生随机的领导周期，解释了企业规模分布偏斜和偏离吉布拉定律的现象，并探讨了专利保护对创新的影响。
We study a quality-ladder model of endogenous growth that produces stochastic leadership cycles.\nOver a cycle, industry leaders can innovate several successive times in the same sector before being\nreplaced by a new entrant. Initially, new leaders do much of the research but they then tend to rest\non their laurels and are eventually overtaken. The model generates a skewed firm size distribution\nand a deviation from Gibrat’s law that accord with the empirical evidence. We also find conditions\nunder which policy should favour R&D by incumbents, not outsiders, and show that stronger patent\nprotection may reduce innovation and growth.