We quantify the magnitude of R&D spillovers created by grants to small firms from the US Department of Energy. Our empirical strategy leverages variation due to state-specific matching policies, and we develop a new approach to measuring both geographic and technological spillovers that does not rely on an observable paper trail. Our estimates suggest that for every patent produced by grant recipients, three more are produced by others who benefit from spillovers. Sixty percent of these spillovers occur within the United States, and many of them occur in technological areas substantially different from those targeted by the grants.

We examine editors’ influence on the scientific content of academic journals by unpacking the role of three major forces: journals’ stated missions, the aggregate supply of and demand for specific topics, and scientific homophily via editorial gatekeeping. In a sample of top biomedical journals, we find the first two forces explain the vast majority of variation in published content. The upper bound of the homophily effect is statistically significant but practically much less important. Marginal changes to the composition of editorial boards do not meaningfully impact journals’ content in the short run. However, we cannot rule out persistent or pervasive frictions in the publication process.