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Working Paper
Patents to Products: Product Innovation and Firm Dynamics
Argente, David; Moreira, Sara; Hanley, Douglas; Baslandze, Salomé (2020-04-17)
We combine NielsenIQ scanner data with USPTO patent records and apply natural language processing to match detailed product descriptions to patent texts for the consumer goods sector. We show that while more than half of product innovations originate from non-patenting firms, patent filings are on average followed by subsequent product introductions. Yet this relationship weakens with firm size. Patents held by market leaders also yield revenue premiums beyond what can be explained by their own product introductions and are associated with stronger deterrence of competitors’ innovations. To ...
FRB Atlanta Working Paper , Paper 2020-4a

Working Paper
Optimal taxation and debt with uninsurable risks to human capital accumulation
Kajii, Atsushi; Nakajima, Tomoyuki; Gottardi, Piero (2014-11-01)
We consider an economy where individuals face uninsurable risks to their human capital accumulation and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that in the presence of such risks it is beneficial to tax both labor and capital income and to have positive government debt.
FRB Atlanta Working Paper , Paper 2014-24

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

Working Paper
The Propagation of Monetary Policy Shocks in a Heterogeneous Production Economy
Schoenle, Raphael; Weber, Michael; Pasten, Ernesto (2020-01-15)
Realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages in the transmission of monetary policy shocks. Quantitatively, heterogeneity in price stickiness is the central driver for real effects. Input-output linkages and consumption shares alter the identity of the most important sectors to the transmission. Reducing the number of sectors decreases monetary non-neutrality with a similar impact response of inflation. Hence, the initial response of inflation to monetary shocks is not sufficient to discriminate across models and ignoring ...
Working Papers , Paper 19-25R

Working Paper
The Propagation of Monetary Policy Shocks in a Heterogeneous Production Economy
Schoenle, Raphael; Pasten, Ernesto (2019-11-15)
Realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages in the transmission of monetary policy shocks. Quantitatively, heterogeneity in price stickiness is the central driver for real effects. Input-output linkages and consumption shares alter the identity of the most important sectors to the transmission. Reducing the number of sectors decreases monetary non-neutrality with a similar impact response of inflation. Hence, the initial response of inflation to monetary shocks is not sufficient to discriminate across models and ignoring ...
Working Papers , Paper 19-25

Working Paper
Income Inequality and Economic Growth in United States Counties: 1990s, 2000s and 2010s
Fee, Kyle (2025-02-18)
Using a common reduced-form regional growth model framework, an expanded geographic classification of counties, additional years of data, a trio of income inequality metrics, and multiple empirical specifications, this analysis confirms and builds upon the notion that the nature of the relationship between income inequality and economic growth varies across geography (Fallah and Partridge, 2007). A positive relationship between an income Gini coefficient and per capita income growth is observed only in central metro counties with population densities greater than 915 people per square mile or ...
Working Papers , Paper 25-05

Working Paper
Long-Term Macroeconomic Effects of Climate Change: A Cross-Country Analysis
Kahn, Matthew E.; Pesaran, M. Hashem; Raissi, Mehdi; Mohaddes, Kamiar; Yang, Jui-Chung; Engelhardt, Bryan (2019-07-01)
We study the long-term impact of climate change on economic activity across countries, using a stochastic growth model where labor productivity is affected by country-specific climate variables?defined as deviations of temperature and precipitation from their historical norms. Using a panel data set of 174 countries over the years 1960 to 2014, we find that per-capita real output growth is adversely affected by persistent changes in the temperature above or below its historical norm, but we do not obtain any statistically significant effects for changes in precipitation. Our counterfactual ...
Globalization Institute Working Papers , Paper 365

Working Paper
The Growth Effects of El Niño and La Niña: Local Weather Conditions Matter
Couharde, Cécile; Damette, Olivier; Generoso , Rémi; Mohaddes, Kamiar (2019-11-29)
This paper contributes to the climate-economy literature by analyzing the role of weather patterns in influencing the transmission of global climate cycles to economic growth. More specifically, we focus on El Niño Southern Oscillation (ENSO) events and their interactions with local weather conditions, taking into account the heterogeneous and cumulative effects of weather patterns on economic growth and the asymmetry and nonlinearity in the global influence of ENSO on economic activity. Using data on 75 countries over the period 1975-2014, we provide evidence for the negative growth effects ...
Globalization Institute Working Papers , Paper 374

Working Paper
Error correction dynamics of house prices: an equilibrium benchmark
Leung, Charles Ka Yui (2014-05-13)
Central to recent debates on the "mis-pricing" in the housing market and the proactive policy of central bank is the determination of the "fundamental house price." This paper builds a dynamic stochastic general equilibrium (DSGE) model that produces reduced-form dynamics that are consistent with the error-correction models proposed by Malpezzi (1999) and Capozza et al (2004). The dynamics of equilibrium house prices are tied to the dynamics of the house-price-to-income ratio. This paper also shows that house prices and incomes should be co-integrated, and hence provides a justification ...
Globalization Institute Working Papers , Paper 177

Working Paper
Do Sovereign Wealth Funds Dampen the Negative Effects of Commodity Price Volatility?
Raissi, Mehdi; Mohaddes, Kamiar (2017-02-01)
This paper studies the impact of commodity terms of trade (CToT) volatility on economic growth (and its sources) in a sample of 69 commodity-dependent countries, and assesses the role of Sovereign Wealth Funds (SWFs) and quality of institutions in their long-term growth performance. Using annual data over the period 1981-2014, we employ the Cross-Sectionally augmented Autoregressive Distributive Lag (CS-ARDL) methodology for estimation to account for cross-country heterogeneity, cross-sectional dependence, and feedback effects. We find that while CToT volatility exerts a negative impact on ...
Globalization Institute Working Papers , Paper 304

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