NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Technological Innovation, Resource Allocation, and Growth

Leonid Kogan, Dimitris Papanikolaou, Amit Seru, Noah Stoffman

NBER Working Paper No. 17769
Issued in January 2012, Revised in May 2016

---- Acknowledgments ----

We thank Hal Varian for helping us in extracting information on Patents from Google Patents database. We are grateful to Andrew Atkeson, Nick Bloom, Andrea Eisfeldt, Yuriy Gorodnichenko, Roel Griep, Pete Klenow, Danielle Li, Jonathan Parker, Tomasz Piskorski, and Heidi Williams for detailed comments. We also thank numerous other discussants and participants at the AEAs, Boston University, Columbia Business School, Duke/UNC Asset Pricing Conference, FRB Chicago, NBER Asset Pricing, NBER Economic Fluctuations and Growth, NBER Entrepreneurship, NBER Productivity, Minnesota, Northwestern, NYU, and SITE for helpful discussions. We are grateful to Tom Nicholas for sharing his patent citations data. The authors thank the Fama-Miller Center at University of Chicago, the Zell Center and the Jerome Kenney Fund for financial assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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