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Journal Article
What we don't know about innovation: We know innovation is important - but do we know how to make it happen?
Romero, Jessica Sackett (2012-01)
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2012/q1/cover_weblinks.cfm
Econ Focus , Volume 16 , Issue 1Q , Pages 12-16

Journal Article
Intangibles: what put the new in the new economy?
Nakamura, Leonard I. (1999-07)
Generating new products requires corporations to spend very large sums of money. These expenditures often lead to the development of intangible assets, such as patents and copyrights, that can add considerably to a company's coffers and stock market value. However, in general, our accounting conventions do not recognize these expenditures as investments--a holdover from the days when these types of investments were a negligible portion of total investment. Leonard Nakamura argues that these conventions cause profits and savings to be understated and that correcting them makes U.S. economic ...
Business Review , Issue Jul , Pages 3-16

Report
Innovating firms and aggregate innovation
Kortum, Samuel; Klette, Jakob (2002)
We develop a parsimonious model of innovating firms rich enough to confront firm-level evidence. It captures the dynamic behavior of individual heterogeneous firms, describes the evolution of an industry with simultaneous entry and exit, and delivers a general equilibrium model of technological change. While unifying the theoretical analysis of firms, industries, and the aggregate economy, the model yields insights into empirical work on innovating firms. It accounts for the persistence over time of firms? R&D investment, the concentration of R&D among incumbent firms, and the link between ...
Staff Report , Paper 300

Report
Knowledge diffusion through employee mobility
Franco, April; Filson, Darren (2000)
In high-tech industries, one important method of diffusion is through employee mobility: many of the entering firms are started by employees from incumbent firms using some of their former employers? technological know-how. This paper explores the effect of incorporating this mechanism in a general industry framework by allowing employees to imitate their employers? know-how. The equilibrium is Pareto optimal since the employees ?pay? for the possibility of learning their employers? know-how. The model?s implications are consistent with data from the rigid disk drive industry. These ...
Staff Report , Paper 272

Journal Article
Powering the assembly line
Wirtz, Ronald A. (2003-11)
Long-term drivers behind manufacturing health may need some repair
Fedgazette , Volume 15 , Issue Nov , Pages NA

Journal Article
The University of Minnesota as a public good
Rolnick, Arthur J.; Grunewald, Rob (2001-11)
Fedgazette , Volume 13 , Issue Nov , Pages 19

Working Paper
R&D spending and cyclical fluctuations: putting the "technology" in technology shocks
Butler, Alison; Pakko, Michael R. (1998)
We examine the dynamic properties of an endogenous growth model with an explicit R&D sector in order to evaluate its ability to propagate temporary disturbances into persistent fluctuations in macroeconomic variables. We demonstrate that a large proportion of the variability and persistence of measured Solow residuals can be thought of as reflecting the endogenous accumulation and adaptation of technical knowledge rather than simply exogenous processes. By explicitly modeling R&D, we use a framework in which it is possible to explicitly consider the role of technology in "technology shocks."
Working Papers , Paper 1998-020

Working Paper
Financing Ventures
Han, Pengfei; Sanchez, Juan M.; Greenwood, Jeremy (2019-12-11)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz., statistics by funding round concerning the success rates, failure rates, investment rates, equity shares, and IPO values. Raising capital ...
Working Papers , Paper 2017-35

Working Paper
Financing Ventures
Sanchez, Juan M.; Han, Pengfei; Greenwood, Jeremy (2020-04)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of Önancing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital: viz., statistics for each round of funding that concern the success rates, failure rates, investment rates, equity shares, and IPO values. ...
Working Papers , Paper 2017-035

Working Paper
Financing Ventures: Some Macroeconomics
Greenwood, Jeremy; Han, Pengfei; Sanchez, Juan M. (2017-08-01)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz., statistics by funding round concerning the success rates, failure rates, investment rates, equity shares, and IPO values. Raising capital ...
Working Papers , Paper 2017-35

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