Heterogeneous Innovation over the Business Cycle

• 成果类型: Article
• 署名作者: Manso, Gustavo; Balsmeier, Benjamin; Fleming, Lee
• 署名单位: University of California System; University of California Berkeley; University of Luxembourg
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01104
• 发表日期: 2023-09
• 页码: 1224-1236
• 关键词: research-and-development; resource-based view; development investment; GROWTH; cyclicality; MODEL

摘要

Schumpeter (1939) claims that recessions are periods of creative destruction, concentrating innovation that is useful for the long-term growth of the economy. However previous research finds that standard measures of firms' innovation, such as R&D expenditures or raw patent counts, concentrate in booms. We argue that these measures do not capture shifts in firms' innovative search strategies. We contemplate firms' choice between exploration versus exploitation over the business cycle and find evidence with more nuanced measures of patent characteristics that firms shift toward exploration during contractions and exploitation during expansions, with a stronger effect for firms in more cyclical industries.