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Working Paper
Financing Ventures
Greenwood, Jeremy; Sanchez, Juan M.; Han, Pengfei (2020-04)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of Önancing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital: viz., statistics for each round of funding that concern the success rates, failure rates, investment rates, equity shares, and IPO values. ...
Working Papers , Paper 2017-035

Journal Article
Venture Capital: A Catalyst for Innovation and Growth
Greenwood, Jeremy; Han, Pengfei; Sanchez, Juan M. (2022)
This article studies the development of the venture capital (VC) industry in the United States and assesses how VC financing affects firm innovation and growth. The results highlight the essential role of VC financing for U.S. innovation and growth and suggest that VC development in other countries could promote their economic growth.
Review , Volume 104 , Issue 2 , Pages 120-130

Working Paper
Monetary Policy in a Model of Growth
Queraltó, Albert (2022-04-01)
Empirical evidence suggests that recessions have long-run effects on the economy's productive capacity. Recent literature embeds endogenous growth mechanisms within business cycle models to account for these "scarring" effects. The optimal conduct of monetary policy in these settings, however, remains largely unexplored. This paper augments the standard sticky-price New Keynesian (NK) to allow for endogenous dynamics in aggregate productivity. The model has a representation similar to the two-equation NK model, with an additional condition linking productivity growth to current and expected ...
International Finance Discussion Papers , Paper 1340

Working Paper
Localized Knowledge Spillovers: Evidence from the Spatial Clustering of R&D Labs and Patent Citations
Carlino, Gerald A.; Smith, Tony E.; Carr, Jake; Hunt, Robert M.; Buzard, Kristy (2017-09-01)
SUPERCEDES EORKING PAPER 17-32 Buzard et al. (2017) show that American R&D labs are highly spatially concentrated even within a given metropolitan area. We argue that the geography of their clusters is better suited for studying knowledge spillovers than are states, metropolitan areas, or other political or administrative boundaries that have predominantly been used in previous studies. In this paper, we assign patents and citations to these newly defined clusters of R&D labs. Our tests show that the localization of knowledge spillovers, as measured via patent citations, is strongest at small ...
Working Papers , Paper 19-42

Working Paper
Financing Ventures
Greenwood, Jeremy; Sanchez, Juan M.; Han, Pengfei (2021-09-27)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital: statistics by funding round concerning success rates, failure rates, investment rates, equity shares, and IPO values. The increased efficiency ...
Working Papers , Paper 2017-035

Working Paper
Openness and the Optimal Taxation of Foreign Know-How
Monge-Naranjo, Alexander (2016-10-01)
Developing countries frequently offer tax incentives and even subsidize the entry and operation of foreign firms. I examine the optimality of such policies in an economy where growth is driven by entrepreneurial know-how, a skill that is continuously updated on the basis of the productive ideas implemented in the country. Openness allows foreign ideas to disseminate inside a country and can foster the country's domestic accumulation of know- how. With externalities, however, laissez-faire openness is suboptimal and can be growth-and even welfare-reducing. I examine the gains from openness ...
Working Papers , Paper 2016-20

Report
Need for Speed: Quality of Innovations and the Allocation of Inventors
Caicedo, Santiago; Pearce, Jeremy (2024-10-01)
This paper studies how the speed-quality tradeoff in innovation interacts with firm dynamics, concentration, and economic growth. Empirically, we document long-run trends in the increasing speed of innovation alongside declining quality at large firms. Leveraging variation from an exogenous policy change, we document the existence of the speed-quality tradeoff both at the firm and aggregate level. We develop an endogenous growth model that incorporates the speed-quality tradeoff and show that allocating less labor towards speed increases growth, particularly in the presence of private ...
Staff Reports , Paper 1127

Working Paper
Financing Ventures
Greenwood, Jeremy; Sanchez, Juan M.; Han, Pengfei (2021-11)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital: statistics by funding round concerning success rates, failure rates, investment rates, equity shares, and IPO values. The increased efficiency ...
Working Papers , Paper 2017-035

Working Paper
Financing Ventures: Some Macroeconomics
Greenwood, Jeremy; Sanchez, Juan M.; Han, Pengfei (2017-08-01)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz., statistics by funding round concerning the success rates, failure rates, investment rates, equity shares, and IPO values. Raising capital ...
Working Papers , Paper 2017-35

Journal Article
An Elementary Model of VC Financing and Growth
Han, Pengfei; Greenwood, Jeremy; Sanchez, Juan M.; Inokuma, Hiroshi (2023-01-20)
This article uses an endogenous growth model to study how the improvements in financing for innovative start-ups brought by venture capital (VC) affect firm innovation and growth. Partial equilibrium results show how lending contracts change as financing efficiency improves, while general equilibrium results show that better screening and development of projects by VC investors leads to higher aggregate productivity growth.
Review , Volume 105 , Issue 1 , Pages 66-73

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