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Keywords:Innovation 

Report
The dual nature of trade: measuring its impact on imitation and growth

Imports of goods that embody foreign technology raise a country's output directly as inputs into production and indirectly through reverse-engineering of these goods, which contributes to domestic imitation and innovation. This paper first quantifies spillovers from high-technology imports from developed countries to domestic imitation and innovation in both developed and developing countries. It then considers the contribution of foreign and domestic innovation to real per capita GDP growth. ; International patent data for forty countries from 1970 to 1985 are used to create proxies for ...
Staff Reports , Paper 44

Working Paper
Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations

We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The frame- work shares the emphasis of the recent ?new shock? literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. As we show, the model also ...
Working Papers , Paper 2014-45

Working Paper
The Increasing Deflationary Influence of Consumer Digital Access Services

Consumer digital access services—internet, mobile phone, cable TV, and streaming—accounted for over 2 percent of U.S. household consumption in 2018. We construct prices for these services using direct measures of volume (data transmitted, talk time, and hours of programming). Our price index fell 12 percent per year from 1988 to 2018 while official prices moved up modestly. Using our digital services index, we estimate total personal consumption expenditure (PCE) prices have risen nearly 1/2 percentage point slower than the official index since 2008. Importantly, the spread between ...
Finance and Economics Discussion Series , Paper 2020-021r1

Working Paper
The Increasing Deflationary Influence of Consumer Digital Access Services

Consumer digital access services—internet, mobile phone, cable TV, and streaming—accounted for over 2 percent of U.S. household consumption in 2018. We construct prices for these services using direct measures of volume (data transmitted, talk time, and hours of programming). Our price index fell 12 percent per year from 1988 to 2018 while official prices moved up modestly. Using our digital services index, we estimate total personal consumption expenditure (PCE) prices have risen nearly 1/2 percentage point slower than the official index since 2008. Importantly, the spread between ...
Finance and Economics Discussion Series , Paper 2020-021

Speech
Economic erowth and monetary policy: Is there a new normal?

The George Washington University and Princeton University's Griswold Center for Economic Policy Studies Philadelphia, PA President Charles Plosser gives his views on the debate about a new normal for economic growth in the U.S. economy. He will also discuss the question of future productivity growth and highlight research in this area.
Speech , Paper 107

Speech
The new normal for the U.S. economy

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

Working Paper
Agglomeration and innovation

Draft chapter for the forthcoming Handbook of Regional and Urban Economics, Vols. 5A and 5B This paper reviews academic research on the connections between agglomeration and innovation. The authors first describe the conceptual distinctions between invention and innovation. They then discuss how these factors are frequently measured in the data and note some resulting empirical regularities. Innovative activity tends to be more concentrated than industrial activity, and the authors discuss important findings from the literature about why this is so. The authors highlight the traits of ...
Working Papers , Paper 14-26

Working Paper
Comparative Advantage in Innovation and Production

This paper develops a multi-country, general equilibrium, semi endogenous growth model of innovation and trade in which specialization in innovation and production are jointly determined. The distinctive element of the model is the ability of the agents to direct their research efforts to specific goods, in a context of heterogeneous innovation capabilities across countries and contemporaneous decreasing returns to R&D. The model features a two-way relationship between trade and technology absent in standard quantitative Ricardian trade models. I calibrate the model using a sample of 29 ...
International Finance Discussion Papers , Paper 1206

Journal Article
Venture capital in the Philadelphia metro area

Many consider venture capital to be a barometer of innovation and economic growth. It is an important source of capital for startups that banks deem too risky to finance. Therefore, it would be useful to examine how the venture capital industry has fared during the recent recession. This report focuses on the Philadelphia metro area and how it compares with the nation. In particular, it highlights the fact that the area increased its share of the nation?s biotechnology deals during the recession.
Research Rap Special Report , Issue Oct

Journal Article
New ideas in the air: cities and economic growth

Most countries make sustained economic growth a principal policy objective. While many factors contribute to growth, economists believe that educating workers plays a critical role. Individuals invest in education because of the expected benefits to themselves or their children, such as higher earnings. But such private investment can increase the productivity of others as well. For example, the collaborative effort of many educated workers in a common enterprise may lead to invention and innovation that sustains the growth of the enterprise. Some economists believe there is an important link ...
Business Review , Issue Q4 , Pages 1-7

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