Antibodies raised against a trpE-L16 fusion protein expressed in Escherichia coli were used to examine immunological relatedness between Saccharomyces cerevisiae ribosomal protein L16 and ribosomal proteins from eubacteria, halobacteria, methanogens, eocytes, and other eukaryotes. Homologues of L16 also were identified by searches of sequence data bases. Among the bacterial proteins that are im...

This paper uses over two years of weekly scanner data from two small US cities to characterize time and state dependence of grocers’ pricing decisions. In these data, the probability of a nominal adjustment declines with the time since the last price change even after controlling for heterogeneity across store-product cells and replacing sale prices with regular prices. We also detect state dep...

The sources of aggregate productivity growth are explored using detailed data for four-digit U.S. manufacturing industries during 1958-96 and a decomposition formula which allows to quantify the contribution of structural change. Labor productivity as well as total factor productivity are considered and the aggregation is performed with either value-added or employment shares. It is shown that ...

In this paper we aim at studying to what extent spillovers between firms may foster economic growth. The attention is addressed to the spillovers connected with the R&D activity that improves the quality of the goods firms supply. Our model develops a growth theory framework and we assume that firms spread around a circle. Our study assesses that spillovers between neighbors affect the probabil...

We construct a model where the equilibrium organization of firms changes as an economy approaches the world technology frontier. In vertically integrated firms, owners (managers) have to spend time both on production and innovation activities, and this creates managerial overload, and discourages innovation. Outsourcing of some production activities mitigates the managerial overload, but create...

Large labs may spawn spin-outs caused by innovations deemed unrelated to the firm’s overall business. Small labs generate demand for specialized services that lower entry costs for others. We develop a theoretical framework to study the interplay of these two localized externalities and their impact on regional innovation. We examine MSA-level patent data during the period 1975-2000 and find th...

Why are some regions more innovative than others? We examine within– and across–region variation in the coexistence of large and small labs. Large labs may spawn spin-outs caused by innovations deemed unrelated to the firm’s overall business. Small labs generate demand for specialized services that lower entry costs for others. We develop a theoretical framework to study the interplay of these ...

In this paper a formal model of the productivity dynamics of manufacturing industries is developed with key features being the absence of optimal decisions and equilibrium coordination, heterogeneity of industries with respect to their innovative ability and cumulativeness of innovations together with the working of spillover effects. From that model the law of motion of the productivity distri...

I provide empirical evidence that badly governed firms respond more to aggregate shocks than do well governed firms. I build a simple model where managers are prone to over-invest and where shareholders are more likely to tolerate such a behavior in good times. The model successfully explains the average profit differences as well as the cyclical behavior of sales, employment and investment for...