Search Results
Working Paper
Technological adaptation, cities and new work
Where does adaptation to innovation take place? The author presents evidence on the role of agglomeration economies in the application of new knowledge to production. All else equal, workers are more likely to be observed in new work in locations that are initially dense in both college graduates and industry variety. This pattern is consistent with economies of density from the geographic concentration of factors and markets related to technological adaptation. A main contribution is to use a new measure, based on revisions to occupation classifications, to closely characterize ...
Speech
Emerging Issues for Risk Managers
Introductory Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech
Enhancing payment system speed, efficiency and security
Keynote remarks at the TCH Annual Payments Symposium and Business Meeting, New York City.
Working Paper
The role of capital service-life in a model with heterogenous labor and vintage capital
We examine how the economy responds to both disembodied and embodied technology shocks in a model with vintage capital. We focus on what happens when there is a change in the number of vintages of capital that are in use at any one time and on what happens when there is a change in the persistence of the shocks hitting the economy. The data suggest that these kinds of changes took place in the U.S. economy in the 1990s, when the pace of embodied technical progress appears to have accelerated. We find that embodied technology shocks lead to greater variability (of output, investment and labor ...
Working Paper
The global welfare impact of China: trade integration and technological change
This paper evaluates the global welfare impact of China's trade integration and technological change in a quantitative Ric a rdian-Heckscher-Ohlin model implemented on 75 countries. We simulate two alternative productivity growth scenarios: a balanced one in which China's productivity grows at the sam e rate in each sector, and an unbalanced one in which China's comparative disadvantage sectors catch up disproportionately faster to the world productivity frontier. Contrary to a well-known conjecture (Samuelson 2004), the large majority of countries in the sample, including the developed ones, ...
Working Paper
Technological change, financial innovation, and diffusion in banking
This paper discusses the technological change and financial innovation that commercial banking has experienced during the past twenty-five years. The paper first describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. We then survey the literature relating to several specific financial innovations, which we define as new products or services, production processes, or organizational forms. We find that the past quarter century has been a period of substantial change in terms of banking products, services, and ...
Conference Paper
The role of universities and technology commercialization in economic development
Tech generates new wealth in its region and universities are more important than ever in their role fostering regional growth.
Speech
Foreign Exchange Market Structure: The Land of a Thousand Lakes
Remarks at FX Market Structure Conference, Federal Reserve Bank of New York, New York City.
Speech
Invention, productivity, and the economy: a speech for the New Jersey Technology Council, Edison Innovators Speaker Series, Mount Laurel, New Jersey, September 25, 2007
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, New Jersey Technology Council, Edison Innovators Speaker Series, Laurel Creek Country Club, Mount Laurel, New Jersey, September 25, 2007
Working Paper
Mergers and sequential innovation: evidence from patent citations
An extensive literature has investigated the effect of market structure on innovation. A persistent concern is that market structure may be endogenous to innovation. Firms may choose to merge so as to capture information spillovers or they may choose to merge so as to dampen competition in innovation. These two scenarios have very different welfare implications. This paper attempts to distinguish between the two scenarios empirically, looking at recent mergers among public companies in the United States. Using patent citation data, I find evidence that firms increase their rate of sequential ...