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Briefing
Innovation, Diffusion and Intellectual Property Rights
Wang, Zhu (2023-07)
Our recent working paper studies innovation and diffusion of technology along an industry's evolution and characterizes how diffusion affects the incentives to innovate. In our analysis, firms participate in a competitive industry and face production capacity constraints. The entry of imitators thus increases industry supply and is socially beneficial to a degree. We show that, from the social welfare point of view, innovators should be compensated for intellectual property rights to internalize their knowledge spillovers to imitators. However, such compensation should be only partial due to ...
Richmond Fed Economic Brief , Volume 23 , Issue 23

Journal Article
The Rise of Asia as a Destination for U.S. Patenting
Santacreu, Ana Maria; LaBelle, Jesse (2021-12-03)
China has become one of the main destinations where U.S. inventors seek to protect their intellectual property.
Economic Synopses , Issue 27 , Pages 1-2

Working Paper
The Agglomeration of American Research and Development Labs
Carlino, Gerald A.; Smith, Tony E.; Carr, Jake; Hunt, Robert M.; Buzard, Kristy (2017-07-18)
We employ a unique data set to examine the spatial clustering of about 1,700 private research and development (R&D) labs in California and across the Northeast corridor of the United States. Using these data, which contain the R&D labs? complete addresses, we are able to more precisely locate innovative activity than with patent data, which only contain zip codes for inventors? residential addresses. We avoid the problems of scale and borders associated with using fixed spatial boundaries, such as zip codes, by developing a new point pattern procedure. Our multiscale core-cluster approach ...
Working Papers , Paper 17-18

Briefing
Goodfriend Memorial Lecture: Knowledge Creation and Diffusion
Hopenhayn, Hugo A. (2023-06)
On May 11, 2023, Hugo Hopenhayn delivered the inaugural Marvin Goodfriend Memorial Lecture with a presentation of his paper "Knowledge Creation and Diffusion with Limited Appropriation," which was co-authored with Liyan Shi. The paper highlights how intellectual property rights must trade off incentives for innovation and knowledge diffusion and considers the optimal assignment of property rights as a Ramsey problem in a dynamic model where knowledge diffusion takes place under random matching. Hopenhayn is a professor of economics at UCLA, a Guggenheim Fellow and a long-term Richmond Fed ...
Richmond Fed Economic Brief , Volume 23 , Issue 18

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

Journal Article
Texas high tech shakes off post-pandemic slump, readies new growth path
Kerr, Emily; Leigh, Robert; Torres, Luis (2024-05-03)
Texas is poised to lead in new advanced technologies, notably artificial intelligence (AI) and semiconductor manufacturing.
Southwest Economy

Journal Article
An Introduction to Web3 with Implications for Financial Services
Parlour, Christine (2023-05-15)
Web3 is used to describe the next iteration of the internet in which decentralized services are automated on blockchains. This paper describes the elements of Web3 including blockchains and tokens. It describes the largest decentralized finance protocols and some specific services where blockchain and tokens can be used. The paper concludes with a brief discussion of some regulatory challenges.
Policy Hub , Volume 2023 , Issue 3

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 Labor Market Consequences of Appropriate Technology
de Souza, Gustavo (2022-09-06)
Developing countries rely on technology created by developed countries. This paper demonstrates that such reliance increases wage inequality but leads to greater production in developing countries. I study a Brazilian innovation program that taxed the leasing of international technology to subsidize national innovation. I show that the program led firms to replace technology licensed from developed countries with in-house innovations, which led to a decline in both employment and the share of high-skilled workers. Using a model of directed technological change and technology transfer, I find ...
Working Paper Series , Paper WP 2022-53

Journal Article
Mexican IT services firm pitches ‘nearshoring’ as alternative to overseas ties
Cañas, Jesus (2023-07-07)
Softek chief executive Beni Lopez discusses the competitive challenges the firm faces in the North American market, where many of the world’s leading tech services firms are based, and the genesis of the company’s nearshoring strategy.
Southwest Economy

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