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Distributed Ledger Technology
The reduction of carbon emissions is a critical part of the transition to a more sustainable economy. Reducing carbon emissions is expected to lead to fewer natural disasters, lower energy transitions risk, and a lower impact on financial risks resulting from physical damage caused by climate change.
Report
Congestion in Onboarding Workers and Sticky R&D
Adjusting the rate of R&D spending is costly if the probability of converting new hires into productive R&D workers (“onboarding”) is decreasing in the number of hires (“congestion”). We show that such congestion induces R&D-producing firms to hire slowly in response to good shocks, and hoard workers in response to bad shocks, providing a microfoundation for the convex adjustment costs widely used to capture the delayed, hump-shaped response of R&D spending to shocks. Using novel, high-frequency productivity data on individual software developers collected from GitHub, we document ...