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Journal Article
Boom and bust in the venture capital industry and the impact on innovation

After more than two decades of dramatic growth in the venture capital industry, the recent sharp decline in venture capital activity has raised concerns about the implications for technological innovation. This article argues that venture capital may have a powerful impact on innovation, but this effect is far from uniform. ; The author uses a supply and demand framework to consider the cyclical nature of the venture industry and explore why shifts in opportunities often do not rapidly translate into increased fund-raising. The discussion shows how the structure of venture funds and the ...
Economic Review , Volume 87 , Issue Q4 , Pages 25-39

Conference Paper
Economic policy for the information economy : general discussion : overview panel

Proceedings - Economic Policy Symposium - Jackson Hole

Productivity puzzles

Presentation at the University of Tennessee, Martin, Tenn. - Oct. 26, 1999
Speech , Paper 74

The Economic Outlook and Long-Term Growth; 34th Annual Economic Seminar, Sponsored by the Simon School of Business with JPMorgan Chase & Co. and the Rochester Business Alliance> January 15, 2013, Rochester, New York

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> 34th Annual Economic Seminar, sponsored by the Simon School of Business with JPMorgan Chase & Co. and the Rochester Business Alliance, January 15, 2013, Rochester, NY> Note: President Plosser presented similar remarks at the New Jersey Economic Leadership Forum, on January 11, 2013.
Speech , Paper 75

Journal Article
Unions and the wage-productivity gap

Although both real wages and productivity have been growing at relatively slow rates during the last two decades, some measures indicate that earnings have failed to keep up with productivity growth. The slowdown in real wage growth is important to workers and their families because their purchasing power is not rising if earnings are not increasing faster than prices. The failure of growth in real wages to match productiv-ity gains also has critical implications for workers. ; A substantial decline in the unionization rate since the 1960s has been cited as underlying the wage-productivity ...
Economic Review , Volume 84 , Issue Q2 , Pages 44-53

Working Paper
Is U.S. economic performance really that bad?

Working Papers , Paper 95-21

Journal Article
Jargon alert : Jobless recovery

Econ Focus , Volume 8 , Issue Win , Pages 10

Working Paper
Productivity shocks, investment, and the real interest rate

I analyze the effects of a favorable shift in expected future productivity on the current level of investment and the real interest rate. In a standard RBC model, an increase in expected future productivity raises the real rate, but decreases the current level of investment for plausible parameter values of the intertemporal elasticity of substitution in consumption. However, it is shown that such a conclusion is unwarranted when nominal rigidities are introduced into the analysis. In contrast with the flexible-price case, the favorable shift in future productivity can lead to an increase in ...
Working Papers , Paper 99-2

Working Paper
The importance of reallocations in cyclical productivity and returns to scale: evidence from plant-level data

Procyclical productivity plays an important role in many models of aggregate fluctuations. However, recent studies using aggregate data to directly measure technology shocks in the Solow residual find that technology shocks are not procyclical. This paper provides new evidence that, due to countercyclical composition changes between producers, the procyclicality of productivity observed in aggregate data may be understated. Using plant-level microdata, this paper finds that the reallocation of output shares across continuing plants, as well as the entry and exit of plants, creates a ...
Working Papers (Old Series) , Paper 0509

Working Paper
Patterns of plant adjustment

This paper provides a description of the dynamic choices of manufacturing plants when they undertake rapid adjustment in output. The focus is on episodes that involve lumpy adjustment in capital or employment. I examine the behavior of variables such as capital utilization, hours per worker, overtime use, capacity utilization, materials and energy use. Finally I describe the observed patterns of productivity during those adjustment episodes and propose some hypotheses that seem to fit them. The costs associated with output adjustment seem to arise from building and destroying a particular ...
Finance and Economics Discussion Series , Paper 2001-05



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