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Discussion Paper
The Mysterious Slowdown in U.S. Manufacturing Productivity
Pearce, Jeremy; Lashkari, Danial (2024-07-11)
Throughout the twentieth century, steady technological and organizational innovations, along with the accumulation of productive capital, increased labor productivity at a steady rate of around 2 percent per year. However, the past two decades have witnessed a slowdown in labor productivity, measured as value added per hour worked. This slowdown has been particularly stark in the manufacturing sector, which historically has been a leading sector in driving the productivity of the aggregate U.S. economy. What makes this slowdown particularly puzzling is the fact that manufacturing accounts for ...
Liberty Street Economics , Paper 20240711

Journal Article
Texas high tech shakes off post-pandemic slump, readies new growth path
Kerr, Emily; Leigh, Robert; Torres, Luis (2024-05-03)
Texas is poised to lead in new advanced technologies, notably artificial intelligence (AI) and semiconductor manufacturing.
Southwest Economy

Journal Article
An Introduction to Web3 with Implications for Financial Services
Parlour, Christine (2023-05-15)
Web3 is used to describe the next iteration of the internet in which decentralized services are automated on blockchains. This paper describes the elements of Web3 including blockchains and tokens. It describes the largest decentralized finance protocols and some specific services where blockchain and tokens can be used. The paper concludes with a brief discussion of some regulatory challenges.
Policy Hub , Volume 2023 , Issue 3

Journal Article
Venture Capital: A Catalyst for Innovation and Growth
Greenwood, Jeremy; Han, Pengfei; Sanchez, Juan M. (2022)
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

Working Paper
The Labor Market Consequences of Appropriate Technology
de Souza, Gustavo (2022-09-06)
Developing countries rely on technology created by developed countries. This paper demonstrates that such reliance increases wage inequality but leads to greater production in developing countries. I study a Brazilian innovation program that taxed the leasing of international technology to subsidize national innovation. I show that the program led firms to replace technology licensed from developed countries with in-house innovations, which led to a decline in both employment and the share of high-skilled workers. Using a model of directed technological change and technology transfer, I find ...
Working Paper Series , Paper WP 2022-53

Journal Article
Mexican IT services firm pitches ‘nearshoring’ as alternative to overseas ties
Cañas, Jesus (2023-07-07)
Softek chief executive Beni Lopez discusses the competitive challenges the firm faces in the North American market, where many of the world’s leading tech services firms are based, and the genesis of the company’s nearshoring strategy.
Southwest Economy

Report
Congestion in Onboarding Workers and Sticky R&D
Bloesch, Justin; Weber, Jacob P. (2023-11-01)
R&D investment spending exhibits a delayed and hump-shaped response to shocks. We show in a simple partial equilibrium model that rapidly adjusting R&D investment is costly if the probability of converting new hires into productive R&D workers (“onboarding”) is decreasing in the number of new hires (“congestion”). Congestion thus causes R&D-producing firms to slowly hire new workers in response to good shocks and hoard workers in response to bad shocks, providing a microfoundation for convex adjustment costs in R&D investment. Using novel, high-frequency productivity data on ...
Staff Reports , Paper 1075

Report
Need for Speed: Quality of Innovations and the Allocation of Inventors
Caicedo, Santiago; Pearce, Jeremy (2024-10-01)
This paper studies how the speed-quality tradeoff in innovation interacts with firm dynamics, concentration, and economic growth. Empirically, we document long-run trends in the increasing speed of innovation alongside declining quality at large firms. Leveraging variation from an exogenous policy change, we document the existence of the speed-quality tradeoff both at the firm and aggregate level. We develop an endogenous growth model that incorporates the speed-quality tradeoff and show that allocating less labor towards speed increases growth, particularly in the presence of private ...
Staff Reports , Paper 1127

Working Paper
Connecting to Power: Political Connections, Innovation, and Firm Dynamics
Akcigit, Ufuk; Lotti, Francesca; Baslandze, Salomé (2020-04-17)
How do political connections affect firm dynamics, innovation, and creative destruction? To answer this question, we build a firm dynamics model, where we allow firms to invest in innovation and/or political connection to advance their productivity and to overcome certain market frictions. Our model generates a number of theoretical testable predictions and highlights a new interaction between static gains and dynamic losses from rent-seeking in aggregate productivity. We test the predictions of our model using a brand-new dataset on Italian firms and their workers. Our dataset spans the ...
FRB Atlanta Working Paper , Paper 2020-5

Working Paper
A Tax Plan for Endogenous Innovation
Croce, Mariano; Raymond, Stephen; Schmid, Lukas; Karantounias, Anastasios G. (2017-11-01)
In times when elevated government debt raises concerns about dimmer global growth prospects, we ask: How can the government provide incentives for innovation in a fiscally sustainable way? We address this question by examining the Ramsey problem of finding optimal tax and subsidy schemes in a model in which growth is endogenously sustained by risky innovation. We characterize the shadow value of growth and entry in the innovation sector. We find that a profit tax is required to replicate the first-best in order to balance the externalities associated with innovative activity. At the ...
FRB Atlanta Working Paper , Paper 2017-13

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