INNOVATION AND GROWTH WITH FINANCIAL, AND OTHER, FRICTIONS
研究在存在搜索、讨价还价和承诺摩擦的思想市场中，创新与增长如何受金融中介影响，并刻画了考虑知识外部性和搜索外部性的最优补贴政策。
The generation of ideas and their implementation are crucial for economic performance. We study this in a model of endogenous growth, where productivity increases with innovation and where the exchange of ideas (technology transfer) allows those with comparative advantage to implement them. Search, bargaining, and commitment frictions impede the idea market, however, reducing efficiency and growth. We characterize optimal policies involving subsidies to innovative and entrepreneurial activity, given both knowledge and search externalities. The role of liquidity is discussed. We show intermediation helps by financing more transactions with fewer assets and, more subtly, by ameliorating holdup problems. We also discuss some evidence.