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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:\n\nThe Public Origins of American Innovation\n\n\nAbstract:\nWe provide ne
 w macroeconomic evidence on the institutional design of post-WWIIAmerican i
 nnovation using patent data that distinguish funding sources and ownerships
 tructures. Government-funded but privately owned patents, although only 2% 
 of thetotal, account for about 20% of medium-term fluctuations in TFP and G
 DP by crowd-ing in business-sector R&D and investment. Privately funded
  patents yield smalleraggregate effects, while publicly owned patents show 
 little average impact but producehighly disruptive innovations in health an
 d biotechnology. The National Institutes ofHealth and the National Science 
 Foundation emerge as the leading agencies in fosteringproductivity and R&am
 p;D spillovers, while universities and research institutes outperformfor-pr
 ofit organizations in turning government funds into TFP growth. Start-ups a
 ndventure capital-backed firms deliver greater productivity gains than esta
 blished corpo-rations only when publicly funded. Our results highlight the 
 central role of governmentsupport in sustaining U.S. technological leadersh
 ip and medium-term growth\n
DTSTAMP:20260525T181950Z
DTSTART:20251112T130000Z
DTEND:20251112T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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