Department of Economics
University of Chicago
5757 South University Avenue
Chicago, IL 60637
Institutional Affiliations: University of Chicago and Universidad de los Andes
Information about this author at RePEc
NBER Working Papers and Publications
|March 2018||Dancing with the Stars: Innovation Through Interactions|
with Ufuk Akcigit, Ernest Miguelez, Stefanie Stantcheva, Valerio Sterzi: w24466
An inventor's own knowledge is a key input in the innovation process. This knowledge can be built by interacting with and learning from others. This paper uses a new large-scale panel dataset on European inventors matched to their employers and patents. We document key empirical facts on inventors' productivity over the life cycle, inventors' research teams, and interactions with other inventors. Among others, most patents are the result of collaborative work. Interactions with better inventors are very strongly correlated with higher subsequent productivity. These facts motivate the main ingredients of our new innovation-led endogenous growth model, in which innovations are produced by heterogeneous research teams of inventors using inventor knowledge. The evolution of an inventor's knowl...
|April 2016||Learning, Career Paths, and the Distribution of Wages|
with Robert E. Lucas, Jr., Esteban Rossi-Hansberg: w22151
We develop a theory of career paths and earnings in an economy in which agents organize in production hierarchies. Agents climb these organizational hierarchies as they learn stochastically from other individuals. Earnings grow over time as agents acquire knowledge and occupy positions with larger numbers of subordinates. We contrast these and other implications of the theory with U.S. census data for the period 1990 to 2010. The model matches well the Lorenz curve of earnings as well as the observed mean experience-earnings profiles. We show that the increase in wage inequality over this period can be rationalized with a shift in the distribution of the complexity and profitability of technologies relative to the distribution of knowledge in the population.
Published: Santiago Caicedo & Robert E. Lucas & Esteban Rossi-Hansberg, 2019. "Learning, Career Paths, and the Distribution of Wages," American Economic Journal: Macroeconomics, vol 11(1), pages 49-88. citation courtesy of