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Author:Greenwood, Jeremy 

Working Paper
Financing Ventures: Some Macroeconomics

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

Discussion Paper
Macroeconomic implications of investment-specific technological change

A quantitative investigation of investment-specific technological change for the U.S. postwar period is undertaken, analyzing both long-term growth and business cycles within the same framework. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change, and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account data. The long- and short-run U.S. data are ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 76

Journal Article
The Third Industrial Revolution

The author examines periods of rapid technological change for coincidences of widening inequality and slowing productivity growth. He contends that while the introduction of technologies offers profits to investors and premiums for skilled workers, in the long run the rising tide of technological change lifts everybody's boat.
Economic Review , Issue Q II , Pages 2-12

Conference Paper
The baby boom and baby bust: some macroeconomics for population economics

What caused the baby boom? And, can it be explained within the context of the secular decline in fertility that has occurred over the last 200 years? The hypothesis is that: (i) The secular decline in fertility is due to the relentless rise in real wages that increased the opportunity cost of having children. (ii) The baby boom is explained by an atypical burst of technological progress in the household sector that occurred in the middle of the last century. This lowered the cost of having children. A model is developed in an attempt to account, quantitatively, for both the baby boom and bust.
Proceedings , Issue Nov

Discussion Paper
The replacement problem

We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 95

Working Paper
Tax analysis in a dynamic stochastic model: on measuring Harberger triangles and Okun gaps

Research Working Paper , Paper 89-01

Working Paper
Synergizing Ventures

Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched with more experienced venture capitalists. An endogenous growth model, where venture capitalists provide both expertise and financing for business startups, is constructed to match these facts. The presence of venture capital, the ...
FRB Atlanta Working Paper , Paper 2019-17

Working Paper
Financing Ventures

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: statistics by funding round concerning success rates, failure rates, investment rates, equity shares, and IPO values. The increased efficiency ...
Working Papers , Paper 2017-035

Working Paper
Financing Ventures

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

Journal Article
Venture Capital: A Catalyst for Innovation and Growth

This article studies the development of the venture capital (VC) industry in the United States and assesses how VC financing affects firm innovation and growth. The results highlight the essential role of VC financing for U.S. innovation and growth and suggest that VC development in other countries could promote their economic growth.
Review , Volume 104 , Issue 2 , Pages 120-130

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