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We then calibrate the model to match several empirical regularities across firm sizes using U.S. data.
We also find that the interaction between R&D and advertising can generate some observed empirical regularities related to firm dynamics, such as decreasing firm growth rates with firm size (a deviation from the so-called Gibrat's law) as well as the decreasing R&D intensity with firm size.
Section 5 presents the calibration and shows that our novel advertising mechanism is able to quantitatively replicate the main empirical regularities described in Section 3.
The advertising theory, on the other hand, is based on empirical regularities that we take from the marketing literature.
Because this specialization of the model is ill-suited to analyze, among other empirical regularities, the reasons why smaller firms are more innovation-intensive in the data, subsequent work has relaxed the assumption of homogeneity of degree one on returns to innovation.
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