|
|
|
|
||||
|
||||
Technological Innovation, Resource Allocation, and GrowthLeonid KoganMassachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER) Dimitris PapanikolaouNorthwestern University - Kellogg School of Management - Department of Finance; National Bureau of Economic Research (NBER) Amit SeruUniversity of Chicago - Booth School of Business and NBER Noah StoffmanIndiana University Bloomington - Department of Finance January 2012 NBER Working Paper No. w17769 Abstract: We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each innovation. Our innovation measure predicts productivity and output at the firm, industry and aggregate level. Furthermore, capital and labor flow away from non-innovating firms towards innovating firms within an industry. There exists a similar, though weaker, pattern across industries. Cross-industry differences in technological innovation are strongly related to subsequent differences in industry output growth. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
Number of Pages in PDF File: 64 working papers seriesDate posted: January 21, 2012Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo1 in 0.750 seconds
Add to Cart
NBER Subscribers Download
