Title: “Value without Employment” Young firms’ contribution to aggregate employment has been underwhelming. However, a similar trend is not apparent in their contribution to aggregate sales or aggregate stock market capitalization. We study the implications of the arrival of “low marginal – high average” revenue-product-of-labor firms in a stylized model of dynamic firm heterogeneity, and …
Tag Archives: spring2020
Lauren Lanahan (University of Oregon)
Title: “Research Subsidy Spillovers, Two Ways” In this paper, we quantify the magnitude of R&D spillovers created by grants to small firms from the US Department of Energy. Our empirical strategy leverages variation due to state-specific matching policies, and we develop a new approach to measuring both geographic and technological spillovers that does not rely …
Tania Babina (Columbia University)
Title: “Crisis Innovation” We examine innovation following the Great Depression using data on a century’s worth of U.S. patents and a difference-in-differences design that exploits regional variation in the crisis severity. Harder-hit areas experienced large and persistent declines in independent patenting, mostly reflecting the disruption in access to finance during the crisis. This decline was …
Xavier Javarel (LSE)
Title: “Labor and Product Market Effects of Automation” We use comprehensive micro data in the French manufacturing sector between 1994 and 2015 to document the effects of automation technologies on employment, wages, prices and profits. Causal effects are estimated with event studies and a shift-share IV design leveraging predetermined supply linkages and productivity shocks across …
Luke Taylor (Wharton )
Title: “Do VCs Stifle Competition?” How does common ownership affect innovation? We study this question using project-level data on pharmaceutical startups and their venture capital (VC) investors. We find that common ownership leads VCs to hold back projects, withhold funding, and redirect innovation at lagging startups. Effects are stronger where R&D costs are larger, consistent …