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Report
An Assignment Model of Knowledge Diffusion and Income Inequality
Luttmer, Erzo G. J. (2015-03-27)
Randomness in individual discovery disperses productivities, whereas learning from others keeps productivities together. Long-run growth and persistent earnings inequality emerge when these two mechanisms for knowledge accumulation are combined. This paper considers an economy in which those with more useful knowledge can teach others, with competitive markets assigning students to teachers. In equilibrium, students with an ability to learn quickly are assigned to teachers with the most productive knowledge. This sorting on ability implies large differences in earnings distributions ...
Staff Report , Paper 509

Discussion Paper
The Mysterious Slowdown in U.S. Manufacturing Productivity
Pearce, Jeremy; Lashkari, Danial (2024-07-11)
Throughout the twentieth century, steady technological and organizational innovations, along with the accumulation of productive capital, increased labor productivity at a steady rate of around 2 percent per year. However, the past two decades have witnessed a slowdown in labor productivity, measured as value added per hour worked. This slowdown has been particularly stark in the manufacturing sector, which historically has been a leading sector in driving the productivity of the aggregate U.S. economy. What makes this slowdown particularly puzzling is the fact that manufacturing accounts for ...
Liberty Street Economics , Paper 20240711

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

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

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
The Alpha Beta Gamma of the Labor Market
Gregory, Victoria; Menzio, Guido; Wiczer, David (2024-10-03)
We access a long panel dataset of US workers to document the extent to which individuals are heterogeneous with respect to their pattern of transitions across employment states. We find that heterogeneity is well approximated by three latent types: αs, βs and γs. Workers of type α leave unemployment quickly and, once they find a job, they are likely to keep it for more than 2 years. Workers of type γ find employment slowly and, once they do find a job, they are likely to leave it within 1 year. We use our empirical findings to calibrate a search-theoretic model in which workers are ...
Working Papers , Paper 2021-003

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
On the Transition to Sustained Growth: The Importance of Recent Agricultural Employment
Ravikumar, B.; Vandenbroucke, Guillaume (2025-04-08)
We study a model where a single good can be produced using a diminishing-returns technology (Malthus) and a constant-returns technology (Solow). We map the former to agriculture and show that the share of agricultural employment declines at a constant rate during the economic transition and that recent observations on the share are sufficient to estimate the onset of transition. Our model implies that (i) output growth is higher and increasing after the onset of transition, (ii) during the transition, it is a first-order autoregressive process, and (iii) the rate of decline in the share of ...
Working Papers , Paper 2023-026

Working Paper
More Trade, Less Diffusion: Technology Transfers and the Dynamic Effects of Import Liberalization
de Souza, Gustavo; Gaetani, Ruben; Mestieri, Martí (2024-09)
How does international trade affect technology diffusion? We show that tariff increases in Brazil lead to more international technology transfers to Brazilian firms and more citations to foreign patents. The highest increase in citations occurs among firms located near those receiving technology transfers, and it is driven largely by citations to firms transferring technology to Brazil. These findings suggest that import tariffs can facilitate the diffusion of foreign technology by promoting technology transfers. We quantify this effect in a growth model that incorporates trade, technology ...
Working Paper Series , Paper WP 2024-20

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

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