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UID:fab2360e23424c4b2cc380e7968f3ee8
CATEGORIES:Seminars
CREATED:20250930T090659
SUMMARY:Lunch Seminar: Filippo Natoli (Bank of Italy) and Andreagiovanni Gazzani (Bank of Italy)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><em><strong>The Public Origins of American Innovation</strong></em></p><
 p>Abstract:</p><p style="text-align: justify;">We provide new macroeconomic
  evidence on the institutional design of post-WWIIAmerican innovation using
  patent data that distinguish funding sources and ownershipstructures. Gove
 rnment-funded but privately owned patents, although only 2% of thetotal, ac
 count for about 20% of medium-term fluctuations in TFP and GDP by crowd-ing
  in business-sector R&amp;D and investment. Privately funded patents yield 
 smalleraggregate effects, while publicly owned patents show little average 
 impact but producehighly disruptive innovations in health and biotechnology
 . The National Institutes ofHealth and the National Science Foundation emer
 ge as the leading agencies in fosteringproductivity and R&amp;D spillovers,
  while universities and research institutes outperformfor-profit organizati
 ons in turning government funds into TFP growth. Start-ups andventure capit
 al-backed firms deliver greater productivity gains than established corpo-r
 ations only when publicly funded. Our results highlight the central role of
  governmentsupport in sustaining U.S. technological leadership and medium-t
 erm growth</p>
DTSTAMP:20260525T182021Z
DTSTART:20251112T130000Z
DTEND:20251112T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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