ADVERTISING, INNOVATION            2019
     AND ECONOMIC GROWTH
     Laurent Cavenaile and Pau Roldan
     Documentos de Trabajo 
     N.º 1902
                  ADVERTISING, INNOVATION AND ECONOMIC GROWTH
                                                                               (*)
                         ADVERTISING, INNOVATION AND ECONOMIC GROWTH 
                         Laurent Cavenaile (**)
                         UNIVERSITY OF TORONTO
                                    (***)
                         Pau Roldan 
                         BANCO DE ESPAÑA
                          (*) We are indebted to Jess Benhabib for his invaluable advice and support, and to Gian Luca Clementi, Boyan 
                         Jovanovic, and Edouard Schaal for continued discussions and suggestions. For helpful comments, we thank 
                         Salomé Baslandze, Alberto Bisin, Jaroslav Borovička, Murat Celik, Diego Daruich, Tülin Erdem, Jeremy Greenwood, 
                         Seher Gupta, Siddharth Hari, Masakazu Ishihara, Olga Itenberg, Julian Kozlowski, Pedro Mendi, Simon Mongey, 
                         Ilari Paasivirta, Michael Peters, Xavier Ragot, Tom Schmitz and Gianluca Violante. We also received valuable 
                         feedback from seminar participants at Aarhus University, Atlanta Fed, Bank of Canada, Banco de España, KU 
                         Leuven, New York University, Rotman School of Management, Royal Holloway University of London, Southern 
                         Methodist University, Temple University, University of Melbourne, University of Montreal, UQAM, Western University, 
                         and from participants at the EEA Congress (Cologne), the Midwest Macroeconomics Meetings (Madison), the North 
                         American Summer Meeting of the Econometric Society (Philadelphia), SED (Toulouse), XIII REDg (Madrid), and the 
                         XXXI Jornadas de Economía Industrial (Palma de Mallorca). Any remaining errors are our own. The views expressed 
                         in this paper are those of the authors and do not necessarily coincide with those of the Banco de España or the 
                         Eurosystem.
                         (**) University of Toronto, 105 Saint George Street, Toronto, Ontario, M5S 3E6, Canada. Email: laurent.cavenaile@
                         utoronto.ca
                         (***) Banco de España, Alcalá, 48, Madrid, 28014, Spain. Email: pau.roldan@bde.es
                         Documentos de Trabajo. N.º 1902
                         2019
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