| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27851 |
| 来源ID | Working Paper 27851 |
| Crisis Innovation | |
| Tania Babina; Asaf Bernstein; Filippo Mezzanotti | |
| 发表日期 | 2020-09-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The effect of financial crises on innovation is an unsettled and important question for economic growth, but one difficult to answer with modern data. Using a differences-in-differences design surrounding the Great Depression, we document that local distress caused a sudden and persistent decline in patenting by the largest organizational form of innovation at this time—technological entrepreneurs. Parallel trends prior to the shock, evidence of a drop within every major technology class, and consistent results using distress driven by commodity shocks—all suggest a causal effect of distress. Despite this, we find that innovation during crises can be more resilient than it may appear at first glance. First, there is no observable change in the number of future citations, despite the decline in the number of patents filed. Second, the shock is in part absorbed through a reallocation of inventors into firms, who over the long-run produce patents with greater impact. Third, the results reveal no immediate brain drain of inventors from the affected areas. Overall, we demonstrate that crises can be both destructive and creative forces for innovation, and provide the first systematic evidence of the role played by the Great Depression in the long-run organization of innovative activity. |
| 主题 | Financial Economics ; Financial Institutions ; History ; Macroeconomic History ; Financial History ; Labor and Health History ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w27851 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585525 |
| 推荐引用方式 GB/T 7714 | Tania Babina,Asaf Bernstein,Filippo Mezzanotti. Crisis Innovation. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27851.pdf（887KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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