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The Role of Innovations in Global Trade: The Shipping Container
Monge-Naranjo, Alexander; Sun, Qiuhan (2020-12-28)
A simple trade innovation—the use of shipping containers—may have contributed to the rapid expansion of global trade over the past 50 years.
On the Economy

China’s Role in Global Innovation Is Changing
de Soyres, Francois; Santacreu, Ana Maria; Hunt, Ethan (2025-08-14)
This blog post looks at China’s transition from technology absorber to innovation leader and exporter of technologies in sectors dominated by advanced economies.
On the Economy

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

Briefing
How Speculation Affects the Market and Outcome-Based Values of Innovation
Haddad, Valentin; Loualiche, Erik (2022-08)
nnovation booms often coincide with speculative bubbles. Using data on over 1 million patents, we document two ways in which speculation creates a disconnect between the market valuation of innovation and its actual economic impact. First, an innovation during bubbles raises the stock price of its creator by 40 percent more than is justified by future outcomes. Next, competitors' stock prices move little during bubbles despite their profits suffering. We present a theory of investor disagreement about which firms will succeed that reconciles both facts. Policymakers should account for the ...
Richmond Fed Economic Brief , Volume 22 , Issue 35

Briefing
Networks, Innovation and Productivity: A Conference Recap
Mullin, John; Wells, Matthew (2023-05)
How do employment targets affect firm dynamics? What is the relationship between inventor migration, and local productivity and knowledge spillovers? How are surplus gains from inventions distributed? These were among the questions addressed by economists during a recent Richmond Fed research conference.Economists from the Richmond Fed, research universities and other institutions met in Richmond for a conference in May. Researchers presented papers on a variety of topics, including digital advertising, R&D allocation, production networks, and knowledge creation and diffusion.
Richmond Fed Economic Brief , Volume 23 , Issue 17

Working Paper
Productivity Slowdown: Reducing the Measure of Our Ignorance
Li, Huiyu; Boppart, Timo (2021-08-22)
Growth accounting suggests that the bulk of the post-2004 slowdown in output growth in the U.S. is attributed to a residual called TFP. In this paper we provide a tractable accounting framework with firm heterogeneity to link this residual to innovations, markup dispersion, and potential measurement errors. Theories of creative destruction offer rich testable predictions of how the quality upgrading of products, the process efficiency of different firms, and markup dispersion in the market interact and therefore constitute a key approach to shed light on the slowdown in TFP growth. Surveying ...
Working Paper Series , Paper 2021-21

Journal Article
Geographic Patterns of Innovation Across U.S. States: 1980-2010
LaBelle, Jesse; Santacreu, Ana Maria (2021-04-05)
The distribution of innovation in the United States has become more concentrated and has shifted to the West.
Economic Synopses , Issue 5 , Pages 1-3

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
A Tax Plan for Endogenous Innovation
Croce, Mariano; Raymond, Stephen; Schmid, Lukas; Karantounias, Anastasios G. (2017-11-01)
In times when elevated government debt raises concerns about dimmer global growth prospects, we ask: How can the government provide incentives for innovation in a fiscally sustainable way? We address this question by examining the Ramsey problem of finding optimal tax and subsidy schemes in a model in which growth is endogenously sustained by risky innovation. We characterize the shadow value of growth and entry in the innovation sector. We find that a profit tax is required to replicate the first-best in order to balance the externalities associated with innovative activity. At the ...
FRB Atlanta Working Paper , Paper 2017-13

Speech
The new normal for the U.S. economy
Harker, Patrick T. (2015-12-04)
President Patrick T. Harker gives opening remarks at the Bank?s 2015 Policy Forum: The New Normal for the U.S. Economy. He highlights how technology/innovation, social issues, and monetary policy all have important implications for policy over the long term. He also shares his own policy perspectives.
Speech , Paper 115

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