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∗We thank Hal Varian for helping us in extracting information on Patents from Google Patents database.
"... We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each innovat ..."
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We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each innovation. Our innovation measure predicts productivity and output at the firm, industry and aggregate level. Furthermore, capital and labor flow away from non-innovating firms towards innovating firms within an industry. There exists a similar, though weaker, pattern across industries. Crossindustry differences in technological innovation are strongly related to subsequent differences in industry output growth.
Misallocation and Productivity in the Lead Up to the Eurozone Crisis
, 2015
"... discussion and critical comment. References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at www.federalreserve.gov/pubs/ifdp/. This ..."
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discussion and critical comment. References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at www.federalreserve.gov/pubs/ifdp/. This paper can be downloaded without charge from the
Direction des Études et
, 2013
"... herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic ..."
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herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic
© notice, is given to the source. Input Diffusion and the Evolution of Production Networks
, 2014
"... for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to ..."
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for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.
Networks, Shocks, and Systemic Risk∗
, 2015
"... This chapter develops a unified framework for the study of how network interactions can function as a mechanism for propagation and amplification of microeconomic shocks. The frame-work nests various classes of games over networks, models of macroeconomic risk originating from microeconomic shocks, ..."
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This chapter develops a unified framework for the study of how network interactions can function as a mechanism for propagation and amplification of microeconomic shocks. The frame-work nests various classes of games over networks, models of macroeconomic risk originating from microeconomic shocks, and models of financial interactions. Under the assumption that shocks are small, we provide a fairly complete characterization of the structure of equilibrium, clarifying the role of network interactions in translating microeconomic shocks into macroeco-nomic outcomes. This characterization enables us to rank different networks in terms of their aggregate performance. It also sheds light on several seemingly contradictory results in the prior literature on the role of network linkages in fostering systemic risk.
The Role of Resource Misallocation in Cross-country Differences in Manufacturing Productivity
, 2014
"... When capital and labor are not allocated to the more productive firms, aggregate total factor productivity (TFP) suffers. Can this explain observed productivity differences across countries? We estimate manufacturing TFP levels for 52 developing countries and decompose it into a part due to misalloc ..."
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When capital and labor are not allocated to the more productive firms, aggregate total factor productivity (TFP) suffers. Can this explain observed productivity differences across countries? We estimate manufacturing TFP levels for 52 developing countries and decompose it into a part due to misallocation and a part due to (residual) technology differences. The results show that removing misallocation would increase TFP by an average of 60 percent, but productivity gaps relative to the US remain large. The degree of misallocation is uncorrelated with observed productivity.
unknown title
, 2013
"... Die ZBW räumt Ihnen als Nutzerin/Nutzer das unentgeltliche, räumlich unbeschränkte und zeitlich auf die Dauer des Schutzrechts beschränkte einfache Recht ein, das ausgewählte Werk im Rahmen der unter ..."
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Die ZBW räumt Ihnen als Nutzerin/Nutzer das unentgeltliche, räumlich unbeschränkte und zeitlich auf die Dauer des Schutzrechts beschränkte einfache Recht ein, das ausgewählte Werk im Rahmen der unter
TRADE IN TASKS
"... The OECD Trade Policy Working Paper series is designed to make available to a wide readership selected studies by OECD staff or by outside consultants. This document has been declassified on the responsibility of the Working Party of the Trade Committee under the OECD reference number TAD/TC/WP(2011 ..."
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The OECD Trade Policy Working Paper series is designed to make available to a wide readership selected studies by OECD staff or by outside consultants. This document has been declassified on the responsibility of the Working Party of the Trade Committee under the OECD reference number TAD/TC/WP(2011)10/FINAL. Comments on the series are welcome and should be sent to tad.contact@oecd.org.
Outsourcing and the Rise in Services
, 2014
"... This paper investigates the impact of outsourcing on sectoral reallocation in the U.S. over the period 1948-2002. Roughly 40 % of the growth of the service sector comes from professional and business services. This is an unusual industry as more than 90 % of its output is an intermediate input to ot ..."
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This paper investigates the impact of outsourcing on sectoral reallocation in the U.S. over the period 1948-2002. Roughly 40 % of the growth of the service sector comes from professional and business services. This is an unusual industry as more than 90 % of its output is an intermediate input to other firms, and it is where most of the service outsourcing activity is concentrated. These facts are essential to understanding the structure of the economy: professional and business services have experienced an almost fourfold increase in their forward linkage, the largest change in input-output linkages over the past 60 years. Using a simple gross output accounting model, I calculate the contribution of the change in the composition of intermediates and their sourcing mode to the reallocation of employment across sectors. I find that the evolution of the input-output structure, which is mostly due to professional and business services outsourcing, accounts for 36 % of the increase in services employment and 25 % of the fall in manufacturing.
