PhD candidate in Economics (University at Albany)
Address: Department of Economics,Business Administration Building, Room 123C
1400 Washington Ave., Albany, NY 12222
Cell phone: 518-221-8719
This paper aims to explain firm dynamics by introducing endogenous productivity growth through
Research and Development investment into a standard model of firm behavior under fi?nancial constraints. Calibrating
the model to Compustat data for high-technology firms, I fi?nd that small firms invest more
intensively in Research and Development, thus achieving higher endogenous productivity growth than large ?firms.
Simulations also show that fi?nancial constraints can signi?cantly affect investment, output, and
productivity growth at the aggregate level, even though their effects on Research and Development intensity and
productivity growth occur through several offsetting mechanisms. One of the most important of
these mechanisms is the way in which ?financial constraints affect survival rates. The model shows
that providing firms with easier access to external funding can encourage Research and Developemnt investment
and sustained productivity growth.
1. “Dynamics of Finance, R&D, and Growth of firms: a Panel VAR Approach”
2. "Endogenous Shift of Production Technology"
Macroeconomics, Econometrics, Economic Growth, Technological change