Search Results
Journal Article
U.S. ethnic scientists and entrepreneurs
Immigrants are exceptionally important for U.S. technology development, accounting for almost half of the country?s Ph.D. workforce in science and engineering. Most notably, the contribution of Chinese and Indian scientists and entrepreneurs in U.S. high-technology sectors increased dramatically in the 1990s. These ethnic scientific communities in the United States further help transfer new technologies back to their home countries.
Journal Article
Intellectual property protection in a globalizing era
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 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, ...
Speech
Asset bubbles and the implications for central bank policy
Remarks at The Economic Club of New York, New York City.
Report
Growth and business cycles
We present a class of convex endogenous growth models and analyze their performance in terms of both growth and business cycle criteria. The models we study have close analogs in the real business cycle literature. We interpret the exogenous growth rate of productivity as an endogenous growth rate of human capital. This perspective allows us to compare the strengths of the two classes of models. ; To highlight the mechanism that gives endogenous growth models the ability to improve upon their exogenous growth relatives, we study models that are symmetric in terms of human and physical capital ...
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
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
Endogenous Skill Bias in Technology Adoption: City-Level Evidence from the IT Revolution
This paper focuses on the bi-directional interaction between technology adoption and labor market conditions. We examine cross-city differences in PC adoption, relative wages, and changes in relative wages over the period 1980-2000 to evaluate whether the patterns conform to the predictions of a neoclassical model of endogenous technology adoption. Our approach melds the literature on the effect of the relative supply of skilled labor on technology adoption to the often distinct literature on how technological change influences the relative demand for skilled labor. Our results support the ...
Report
The impact of competition on technology adoption: an apples-to-PCs analysis
We study the effect of market structure on a personal computer manufacturer?s decision to adopt new technology. This industry is unusual because there exist two horizontally segmented retail markets with different degrees of competition: the IBM-compatible (or PC) platform and the Apple platform. We first document that, relative to Apple, producers of PCs typically have more frequent technology adoption, shorter product cycles, and steeper price declines over the product cycle. We then develop a parsimonious vintage-capital model that matches the prices and sales of PC and Apple products. The ...