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Working Paper
Synergizing Ventures
Greenwood, Jeremy; Dinlersoz, Emin M.; Akcigit, Ufuk; Penciakova, Veronika (2019-09-01)
Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched with more experienced venture capitalists. An endogenous growth model, where venture capitalists provide both expertise and financing for business startups, is constructed to match these facts. The presence of venture capital, the ...
FRB Atlanta Working Paper , Paper 2019-17

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

Report
The dual nature of trade: measuring its impact on imitation and growth
Connolly, Michelle P. (1998-08-01)
Imports of goods that embody foreign technology raise a country's output directly as inputs into production and indirectly through reverse-engineering of these goods, which contributes to domestic imitation and innovation. This paper first quantifies spillovers from high-technology imports from developed countries to domestic imitation and innovation in both developed and developing countries. It then considers the contribution of foreign and domestic innovation to real per capita GDP growth. ; International patent data for forty countries from 1970 to 1985 are used to create proxies for ...
Staff Reports , Paper 44

Working Paper
The Monetization of Innovation
Warusawitharana, Missaka; Zucchi, Francesca (2022-12)
We develop a dynamic model for digital service firms, which invest in monetization to generate revenues from services provided to customers for free. Our model captures and explains why such firms often build a large customer base and become highly valued while continuing to suffer losses—traditional models would struggle to explain this pattern. Counterfactual analysis reveals that monetization uncertainty slows technological advancement by diverting resources away from innovation. We also show that regulation aimed at protecting user privacy has sizable adverse effect on firm size and the ...
Finance and Economics Discussion Series , Paper 2022-084

Working Paper
Mega Firms and New Technological Trajectories in the U.S.
Choi, Joonkyu; Braguinsky, Serguey; Ding, Yuheng; Jo, Karam; Kim, Seula (2025-08-06)
We provide evidence that mega firms have played an increasingly important role in shaping new technological trajectories in recent years. While the share of novel patents---defined as patents introducing new combinations of technological components---produced by mega firms declined until around 2000, it has rebounded sharply since then. Furthermore, we find that the technological impact and knowledge diffusion of novel patents by mega firms have grown relative to those by non-mega firms after 2001. We also explore potential drivers of this trend, presenting evidence that the rise in novel ...
Finance and Economics Discussion Series , Paper 2025-060

Working Paper
The Diffusion of New Technologies
Lerner, Joshua; Hassan, Tarek A.; Bloom, Nicholas; Tahoun, Ahmed; Carvalho, Marcela; Kalyani, Aakash (2024-08-26)
CORRECT ORDER OF AUTHORS: Aakash Kalyani, Nicholas Bloom, Marcela Carvalho, Tarek Hassan, Josh Lerner, and Ahmed Tahoun. We identify phrases associated with novel technologies using textual analysis of patents, job postings, and earnings calls, enabling us to identify four stylized facts on the diffusion of jobs relating to new technologies. First, the development of economically impactful new technologies is geographically highly concentrated, more so even than overall patenting: 56% of the most economically impactful technologies come from just two U.S. locations, Silicon Valley and the ...
Working Papers , Paper 2024-009

Working Paper
LOCALIZED KNOWLEDGE SPILLOVERS: EVIDENCE FROM THE AGGLOMERATION OF AMERICAN R&D LABS AND PATENT DATA
Carlino, Gerald A.; Smith, Tony E.; Carr, Jake; Hunt, Robert M.; Buzard, Kristy (2016-10-13)
Supercedes 15-03 We employ a unique data set to examine the spatial clustering of private R&D labs. Instead of using fixed spatial boundaries, we develop a new procedure for identifying the location and size of specific R&D clusters. Thus, we are better able to identify the spatial locations of clusters at various scales, such as a half mile, 1 mile, 5 miles, and more. Assigning patents and citations to these clusters, we capture the geographic extent of knowledge spillovers within them. Our tests show that the localization of knowledge spillovers, as measured via patent citations, is ...
Working Papers , Paper 16-25

Working Paper
Nothing is Certain Except Death and Taxes : The Lack of Policy Uncertainty from Expiring \"Temporary\" Taxes
Chang, Andrew C. (2018-06-22)
What is the policy uncertainty surrounding expiring taxes? How uncertain are the approvals of routine extensions of temporary tax policies? To answer these questions, I use event studies to measure cumulative abnormal returns (CARs) for firms that claimed the U.S. research and development (R&D) tax credit from 1996-2015. In 1996, the U.S. R&D tax credit was statutorily temporary but was routinely extended ten times until 2015, when it was made permanent. I take the event dates as both when these ten extensions of the R&D tax credit were introduced into committee and when the extensions were ...
Finance and Economics Discussion Series , Paper 2018-041

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
North-South Technological Diffusion and Dynamic Gains from Trade
Valderrama, Diego; Connolly, Michelle P. (2005-07-01)
This paper studies the transitional dynamics in a quality ladder model of endogenous growth in which North-South trade leads to technological diffusion through reverse engineering of intermediate goods. The concept of learning-to-learn is incorporated into both imitative and innovative processes, which in turn drive domestic technological progress. International trade with imitation leads to feedback effects between Southern imitators and Northern innovators who compete for the world market. Consequently, both regions face transition paths dependent on their relative technologies. We solve ...
Working Paper Series , Paper 2004-24

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