Buy, Keep or Sell: Economic Growth and the Market for Ideas

We thank Marios Angeletos, Jess Benhabib, Bjoern Bruegemann, Steven Davis, Bob Hall, Doug Hanley, Chang-Tai Hsieh, Erik Hurst, Chad Jones, Pete Klenow, Yunan Li, Carlos Serrano, Randy Wright, Laura Yu, Fabrizio Zilibotti especially our discussants Sam Kortum and Ezra Oberfield and the seminar and conference participants at Barcelona GSE Summer Forum, Chicago Booth, IIES, NBER Summer Institute 2013 Economic Growth Group and Macro Perspectives Group, New York FED Real Side Macroeconomics Conference, Norwegian Business School, Stanford University, Tinbergen Institute, University of Notre Dame, University of Pennsylvania, University of Washington at St. Louis, University of Wisconsin, and University of Zurich for very helpful comments and discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.