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Kerr, William R.; Kominers, Scott Duke - National Bureau of Economic Research (NBER) - 2010

We model spatial clusters of similar firms. Our model highlights how agglomerative forces lead to localized, individual connections among firms, while interaction costs generate a defined distance over which attraction forces operate. Overlapping firm interactions yield agglomeration clusters...

Persistent link: https://www.econbiz.de/10008777358

Agglomeration and Innovation

Carlino, Gerald; Kerr, William R. - National Bureau of Economic Research (NBER) - 2014

This chapter reviews academic research on the connections between agglomeration and innovation. We first describe the … conceptual distinctions between invention and innovation. We then describe how these factors are frequently measured in the data …, industrial diversity) that theoretical and empirical work link to innovation, and we discuss factors that help sustain these …

Persistent link: https://www.econbiz.de/10010885295

Clusters of Entrepreneurship

Glaeser, Edward Ludwig; Ponzetto, Giacomo A. M.; Kerr, … - National Bureau of Economic Research (NBER) - 2009

Employment growth is strongly predicted by smaller average establishment size, both across cities and across industries within cities, but there is little consensus on why this relationship exists. Traditional economic explanations emphasize factors that reduce entry costs or raise...

Persistent link: https://www.econbiz.de/10008548787

Local Industrial Conditions and Entrepreneurship: How Much of the Spatial Distribution Can We Explain?

Glaeser, Edward Ludwig; Kerr, William R. - National Bureau of Economic Research (NBER) - 2008

Why are some places more entrepreneurial than others? We use Census Bureau data to study local determinants of manufacturing startups across cities and industries. Demographics have limited explanatory power. Overall levels of local customers and suppliers are only modestly important, but new...

Persistent link: https://www.econbiz.de/10005714042

Entrepreneurship and Urban Growth: An Empirical Assessment with Historical Mines

Glaeser, Edward Ludwig; Kerr, Sari Pekkala; Kerr, William R. - National Bureau of Economic Research (NBER) - 2012

Measures of entrepreneurship, such as average establishment size and the prevalence of start-ups, correlate strongly with employment growth across and within metropolitan areas, but the endogeneity of these measures bedevils interpretation. Chinitz (1961) hypothesized that coal mines near...

Persistent link: https://www.econbiz.de/10010821933

Breakthrough Inventions and Migrating Clusters of Innovation

Kerr, William R. - National Bureau of Economic Research (NBER) - 2009

We investigate the speed at which clusters of invention for a technology migrate spatially following breakthrough inventions. We identify breakthrough inventions as the top one percent of US inventions for a technology during 1975-1984 in terms of subsequent citations. Patenting growth is...

Persistent link: https://www.econbiz.de/10008614946

Why Wait? A Century of Life Before IPO

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2001

Firms that entered the stock market in the 1990s were younger than any earlier cohort since World War I. Surprisingly, however, firms that IPO'd at the close of the 19th century were just as young as the companies that are entering today. We argue here that the electrification-era and the IT-era...

Persistent link: https://www.econbiz.de/10005580431

General Purpose Technologies

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2005

Electricity and Information Technology (IT) are perhaps the two most important general purpose technologies (GPTs) to date. We analyze how the U.S. economy reacted to them. The Electricity and IT eras are similar, but also differ in several important ways. Electrification was more broadly...

Persistent link: https://www.econbiz.de/10005088958

Vintage Organization Capital

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2001

We study 114 years of U.S. stock market data and find That there are large cohort effects in stock prices, effects that we label 'organization capital,' That cohort effects grew at a rate of 1.75% per year, That the debt-equity ratio of all vintages declined, That three big technological waves...

Persistent link: https://www.econbiz.de/10005049793

Mergers as Reallocation

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2002

We argue that takeovers have played a major role in speeding up the diffusion of new technology. The role that they play is similar to that of entry and exit of firms. We focus on and compare two periods: 1890-1930 during which electricity and the internal combustion engine spread through the...

Persistent link: https://www.econbiz.de/10005049982