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Cascaldi-Garcia, Danilo and Vukotić, Marija (2022) Patent-based news shocks. Review of Economics and Statistics, 104 (1). pp. 51-66. doi:10.1162/rest_a_00943 ISSN 0034-6535.
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Official URL: https://doi.org/10.1162/rest_a_00943
Abstract
What do patents tell us about the economic effects of future technological improvements? We identify aggregate and industry level patent-based news shocks by exploiting changes in stock market valuations of firms that obtain patent grants. Our shocks resemble diffusion news, as they do not affect total factor productivity in the short run but induce a strong permanent effect after five years. We find that patent-based news shocks produce positive comovement between consumption, output, investment, and hours. They also generate positive responses in inflation and in the federal funds rate, consistent with standard New Keynesian models.
| Item Type: | Journal Article | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Technology -- Economic aspects, Information theory in economics, Patents -- Economic aspects | ||||||||
| Journal or Publication Title: | Review of Economics and Statistics | ||||||||
| Publisher: | MIT Press | ||||||||
| ISSN: | 0034-6535 | ||||||||
| Official Date: | January 2022 | ||||||||
| Dates: |
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| Volume: | 104 | ||||||||
| Number: | 1 | ||||||||
| Page Range: | pp. 51-66 | ||||||||
| DOI: | 10.1162/rest_a_00943 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Reuse Statement (publisher, data, author rights): | This is the author’s final version, and it; has been accepted for publication in Review of Economics and Statistics. | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| Date of first compliant deposit: | 9 April 2020 | ||||||||
| Date of first compliant Open Access: | 9 April 2020 | ||||||||
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