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I develop a growth accounting framework allowing for misallocation of R&D resources across firms cap- tured by wedges between their marginal costs and benefits of R&D. I show that R&D wedges can be measured from R&D returns and document large and persistent differ- ences in R&D returns across U.S.-listed firms. Combining data and model, I estimate that frictions reduced productivity growth by 11% over 1975\u20132014 and that rising misallocation in the R&D sector accounts for 32% of the growth slowdown.", "occurrence_notes":null, "guid":"149561-21906705@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149561", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Economics","seminar","Macroeconomics"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" }, { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" }, { "group_name":"Department of Economics Seminars", "group_id":"3566", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/group_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/group_thumb_square\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_large":"https:\/\/events.umich.edu\/media\/cache\/group_large\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/group_large_lightbox\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/event_large_crop\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/event_grid_2x\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg" }, "occurrence_count":1, "first_occurrence":21906705 } }