A Theory of Growth and Volatility at the Aggregate and Firm Level

This paper presents an endogenous growth model that explains the evolution of the first and second moments of productivity growth at the aggregate and firm level during the post-war period. Growth is driven by the development of both (i) idiosyncratic R&D innovations and (ii) general innovations

本文提出了一个内生增长模型（endogenous growth model），用以解释战后时期总体层面与企业层面生产率增长的一阶矩和二阶矩的演变规律。经济增长由两类创新的发展共同驱动：（i）特质性研发（R&D）创新；（ii）一般性创新。