Advertising, Innovation, and Economic Growth
构建了一个包含广告决策的内生增长模型，解释了企业研发强度与规模负相关的现象，发现广告渠道解释了约一半的企业增长偏离比例增长，且研发与广告存在替代关系。
This paper analyzes the implications of advertising for firm dynamics and economic growth through its interaction with R&D. We develop a model of endogenous growth with firm heterogeneity that incorporates advertising decisions and calibrate it to match several empirical regularities across firm size. Our model provides microfoundations for the empirically observed negative relationship between both firm R&D intensity and growth and firm size. In the calibrated model, about half of the deviation from proportional firm growth is attributed to our novel advertising channel. In addition, R&D and advertising are substitutes, a prediction for which we find evidence in the data.