Aggregate Implications of Innovation Policy
---- Acknowledgements -----
We thank Arnaud Costinot, Juan Carlos Hallak, Pete Klenow, Ellen McGrattan, and Andrés Rodriguez-Claré, for very useful comments. We also thank Javier Cravino for research assistance. We gratefully acknowledge the financial support of the National Science Foundation. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.