scholarly journals Quantifying the Effects of Patent Protection on Innovation, Imitation, Growth, and Aggregate Productivity

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Pedro Bento
Keyword(s):  
Equilibrium Model ◽  
Patent Protection ◽  
Aggregate Productivity ◽  
Sequential Innovation ◽  
Long Run ◽  
Using Data ◽  
Original Innovation ◽  
Different Sources ◽  
The U.S ◽  
Number Of Firms

AbstractI develop a general equilibrium model in which patent protection can increase or decrease the costs of sequential innovation, original innovation, and imitation. Depending on these relative effects, protection can in theory increase or decrease markups, imitation, innovation, growth, and aggregate productivity. I discipline the model using data from several different sources, and find that weakening protection in the U.S. would lead to no change in markups and imitation, no change in long-run growth, a significant increase in the number of firms, and an increase in aggregate productivity of 11%.

scholarly journals How Destructive Is Innovation?

Econometrica ◽  
2019 ◽  
Vol 87 (5) ◽  
pp. 1507-1541 ◽  
Author(s):  
Daniel Garcia-Macia ◽  
Chang-Tai Hsieh ◽  
Peter J. Klenow
Keyword(s):  
Dominant Role ◽  
Job Creation ◽  
Creative Destruction ◽  
Aggregate Productivity ◽  
Employment Share ◽  
New Varieties ◽  
To Come ◽  
Using Data ◽  
The U.S ◽  
Job Creation And Destruction

Entrants and incumbents can create new products and displace the products of competitors. Incumbents can also improve their existing products. How much of aggregate productivity growth occurs through each of these channels? Using data from the U.S. Longitudinal Business Database on all nonfarm private businesses from 1983 to 2013, we arrive at three main conclusions: First, most growth appears to come from incumbents. We infer this from the modest employment share of entering firms (defined as those less than 5 years old). Second, most growth seems to occur through improvements of existing varieties rather than creation of brand new varieties. Third, own‐product improvements by incumbents appear to be more important than creative destruction. We infer this because the distribution of job creation and destruction has thinner tails than implied by a model with a dominant role for creative destruction.

scholarly journals Spatial Price Dynamics in U.S. Regional Broiler Markets

2007 ◽  
Vol 39 (3) ◽  
pp. 447-456 ◽  
Author(s):  
Titus O. Awokuse ◽  
John C. Bernard
Keyword(s):  
Structural Elements ◽  
Price Shocks ◽  
Long Run ◽  
Regional Markets ◽  
Causality Tests ◽  
Multiple Regions ◽  
Spatial Price ◽  
Using Data ◽  
Production Areas ◽  
Number Of Firms

The U.S. broiler industry is highly vertically integrated and increasingly concentrated in the number of firms and production areas. These structural elements could have implications for performance and the functioning of the law of one price (LOP) across regions. This article investigates this using data on four regional markets. Cointegration results indicate that regional prices are spatially linked in the long run, but pairwise cointegration was not found, suggesting that the LOP does not hold. Causality tests confirm the relative importance of price shocks from the South. This finding is reflective of price coordination by firms with production in multiple regions.

scholarly journals The Effect of Patent Protection on Inventor Mobility

2020 ◽  
Vol 66 (12) ◽  
pp. 5485-5504 ◽  
Author(s):  
Eduardo Melero ◽  
Neus Palomeras ◽  
David Wehrheim
Keyword(s):  
Human Capital ◽  
Patent Protection ◽  
Basic Research ◽  
Early Career ◽  
Patent Holder ◽  
The Core ◽  
Patent Applications ◽  
Using Data ◽  
Specific Human Capital ◽  
The U.S

This article investigates the effect of patent protection on the mobility of early-career employee-inventors. Using data on patent applications filed at the U.S. Patent and Trademark Office between 2001 and 2012 and examiner leniency as a source of exogenous variation in patent protection, we find that one additional patent granted decreases the likelihood of changing employers, on average, by 23%. This decrease is stronger when the employee has fewer coinventors, works outside the core of the firm, and produces more basic-research innovations. These findings are consistent with the idea that patents turn innovation-related skills into patent-holder-specific human capital. This paper was accepted by Ashish Arora, entrepreneurship and innovation.

scholarly journals International Real Estate Review

2020 ◽  
Vol 23 (1) ◽  
pp. 65-106
Author(s):  
Mohsen Bahmani-Oskooee ◽  
◽  
Seyed Ghodsi ◽  
Keyword(s):  
House Prices ◽  
House Price ◽  
Oil Prices ◽  
Asymmetric Effects ◽  
Long Run ◽  
Short Run ◽  
Using Data ◽  
Almost All ◽  
The Impact ◽  
The U.S

Since oil is used as an input in the production and delivery process, any change in its price can affect almost all sectors of an economy. Researchers have tried to assess the impact of the rising price of oil on domestic production, inflation, investment, the stock market, etc. In order to determine if inflationary effects of rising oil prices have spread to house prices in the U.S., unlike previous research, we investigate the link between oil prices and house prices by using data from each state of the U.S. Furthermore, for the first time, we engage in asymmetry analysis and find short-run asymmetric effects in almost all of the states but short-run cumulative effects or asymmetric impact in 15 states. Although we also find significant long-run asymmetric effects in 26 states, the results reveal that an increase in oil prices has contributed to house price increase in only 11 states and a decrease in oil prices lowered house prices in only three states.

scholarly journals Is Educated Labor Really Productive?

2021 ◽  
Vol 10 (1) ◽  
pp. 43-53
Author(s):  
Rr Retno Sugiharti ◽  
Fitrah Sari Islami ◽  
Octavia Laksmi Pramudiastuti
Keyword(s):  
Human Capital ◽  
Macro Level ◽  
Panel Regression ◽  
Aggregate Productivity ◽  
Level Of Education ◽  
Long Run ◽  
Increase Productivity ◽  
Micro Level ◽  
Using Data

Improving the quality of human resources through education is believed to increase laborproductivity. The higher the investment in education, the greater the potential for someone to gainknowledge, expand access to jobs, and increase productivity. However, the increases in the numberof educated workforces, truly unbalanced with the increase with aggregate productivity. Thepurpose of this study is to analyze at which one of the levels of education has the greatestcontribution to increasing productivity. In order to bring the research in macro level, we usedMincer equation calibrated by Bils and Klenow (2000) to develop a human capital model. Thiskind of research formed in micro level and very rarely research is done at the macro level.Therefore, by using calibration from Bils and Klenow (1992), this study tries to bring the mincermodel to the macro level. This model estimates by panel regression method and cointegrationmethod (for identification long run existence) and using data from the period of 2010-2018. Theresults of the study show a positive integration between the level of education towards workproductivity. The fact that vocational education is aimed at preparing workforce has no significanteffect on aggregate productivity. The result driven us to conclusion that education has not beenconsidered a human capital factor but signaling factor; schooling level of labor was not a drivenfactor to labor productivity, but the years of experience did and labor is tended to taking educationjust for formal reason not for academic reason.

scholarly journals Are Increasing 5-Year Survival Rates Evidence of Success Against Cancer? A Reexamination Using Data from the U.S. and Australia

2010 ◽  
Vol 13 (2) ◽  
Author(s):  
Frank R. Lichtenberg
Keyword(s):  
Survival Rate ◽  
Survival Rates ◽  
Relative Survival ◽  
Relative Survival Rate ◽  
Long Run ◽  
Specific Tumor ◽  
Using Data ◽  
The Relationship ◽  
The U.S ◽  
Related Mortality

Previous investigators argued that increasing 5-year survival for cancer patients should not be taken as evidence of improved prevention, screening, or therapy, because they found little correlation between the change in 5-year survival for a specific tumor and the change in tumor-related mortality. However, they did not control for the change in incidence, which influences mortality and is correlated with 5-year survival. The purpose of this study was to reexamine the question of whether increasing 5-year survival rates constitute evidence of success against cancer. We estimate the relationship across cancer sites between long-run changes in population-based mortality rates and both (1) changes in 5-year relative survival rates, and (2) changes in incidence rates, using data from both the U.S. and Australia. We analyze two outcome measures, and the relationship between them: the unconditional mortality rate (number of deaths per 100,000 population), and the 5-year relative survival rate. When incidence growth is controlled for, there is a highly significant correlation, in both the U.S. and Australia, between the change in 5-year survival for a specific tumor and the change in tumor-related mortality. The increase in the relative survival rate is estimated to have reduced the unconditional mortality rate by about 15% in the U.S. between 1976 and 2002, and by about 15% in Australia between 1984 and 2001. While the change in the 5-year survival rate is not a perfect measure of progress against cancer, in part because it is potentially subject to lead-time bias, it does contain useful information; its critics may have been unduly harsh. Part of the long-run increase in 5-year cancer survival rates is due to improved prevention, screening, or therapy.

Immigration and the tech industry: As a labour shortage remedy, for innovation, or for cost savings?

2013 ◽  
Vol 10 (2) ◽  
pp. 201-227 ◽  
Author(s):  
Norman Matloff
Keyword(s):  
Immigration Policy ◽  
Brain Drain ◽  
Cost Savings ◽  
Foreign Workers ◽  
Service Firms ◽  
It Service ◽  
Labour Shortage ◽  
Labour Costs ◽  
Using Data ◽  
The U.S

The two main reasons cited by the U.S. tech industry for hiring foreign workers--remedying labour shortages and hiring "the best and the brightest"--are investigated, using data on wages, patents, and R&D work, as well as previous research and industry statements. The analysis shows that the claims of shortage and outstanding talent are not supported by the data, even after excluding the Indian IT service firms. Instead, it is shown that the primary goals of employers in hiring  foreign workers are to reduce labour costs and to obtain "indentured" employees. Current immigration policy is causing an ‘Internal Brain Drain’ in STEM.

Electricity consumption and economic growth in ASEAN

2017 ◽  
Vol 5 (2) ◽  
pp. 16
Author(s):  
Ahmad Ghazali Ismail ◽  
Arlinah Abd Rashid ◽  
Azlina Hanif
Keyword(s):  
Economic Growth ◽  
Energy Use ◽  
Electricity Consumption ◽  
Panel Estimation ◽  
Real Gdp ◽  
Long Run ◽  
Bidirectional Relationship ◽  
Short Run ◽  
Using Data ◽  
The Relationship

The relationship and causality direction between electricity consumption and economic growth is an important issue in the fields of energy economics and policies towards energy use. Extensive literatures has discussed the issue, but the array of findings provides anything but consensus on either the existence of relations or direction of causality between the variables. This study extends research in this area by studying the long-run and causal relations between economic growth, electricity consumption, labour and capital based on the neo-classical one sector aggregate production technology mode using data of electricity consumption and real GDP for ASEAN from the year 1983 to 2012. The analysis is conducted using advanced panel estimation approaches and found no causality in the short run while in the long-run, the results indicate that there are bidirectional relationship among variables. This study provides supplementary evidences of relationship between electricity consumption and economic growth in ASEAN.

scholarly journals Effects of patents on the transition from stagnation to growth

2019 ◽  
Vol 33 (2) ◽  
pp. 395-411 ◽  
Author(s):  
Angus C. Chu ◽  
Zonglai Kou ◽  
Xilin Wang
Keyword(s):  
Economic Growth ◽  
Intellectual Property ◽  
Property Rights ◽  
Population Size ◽  
Intellectual Property Rights ◽  
Growth Model ◽  
Patent Protection ◽  
Theoretic Analysis ◽  
Schumpeterian Growth ◽  
Long Run

Abstract This study provides a growth-theoretic analysis of the effects of intellectual property rights on the take-off of an economy from an era of stagnation to a state of sustained economic growth. We incorporate patent protection into a Schumpeterian growth model in which take-off occurs when the population size crosses an endogenous threshold. We find that strengthening patent protection has contrasting effects on economic growth at different stages of development. Specifically, it leads to an earlier take-off but also reduces economic growth in the long run.

HABIT FORMATION AND GOVERNMENT SPENDING IN A SMALL OPEN ECONOMY

2003 ◽  
Vol 7 (3) ◽  
pp. 407-423 ◽  
Author(s):  
Cem Karayalçin
Keyword(s):  
Fiscal Policy ◽  
General Equilibrium ◽  
Current Account ◽  
Open Economy ◽  
Equilibrium Model ◽  
Government Spending ◽  
Time Preference ◽  
Small Open Economy ◽  
Long Run ◽  
Fiscal Shocks

The paper studies the effects of an expansionary fiscal policy in a general equilibrium model of a small open economy. Households are assumed to possess habit-forming, endogenous rates of time preference. In response to fiscal shocks, the model generates cyclical endogenous persistence and procyclical time paths for consumption, employment, and investment, as well as a countercyclical path for the current account. Furthermore, fiscal shocks are shown to have positive long-run effects on output and negative long-run effects on consumption.

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