000			01214nam a22001577a 4500
999			_c518900 _d518900
008			211218b ||||| |||| 00| 0 eng d
100			_aCavenaile, Laurent Blanco and Pau Roldan _931334
245			_aAdvertising, innovation, and economic growth
260			_aThe American Economic Journal: Macroeconomic
300			_a13(3), Jul, 2021: p.251-303
520			_aThis 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 micro-foundations 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. – Reproduced
650			_aAdvertising, Firms, R & D _931335
773			_aThe American Economic Journal: Macroeconomic
906			_aPUBLICITY
942			_cAR