Professor Nicholas Bloom will be presenting his research, "The Spread of New Technology", coauthored with Tarek Hasan, Josh Lerner, Aakash Kalyani and Ahmed Tahoun. Nick's bio and webinar abstract are detailed below.To receive an invitation link to this webinar please RSVP.
Nicholas (Nick) Bloom is the William Eberle Professor of Economics at Stanford University and the Co-Director of the Productivity, Innovation and Entrepreneurship program at the National Bureau of Economic Research. He is also a fellow of the Centre for Economic Performance, and the Stanford Institute for Economic Policy Research.
Professor Bloom's research focuses on measuring and explaining management practices. He has been working with McKinsey & Company as part of a long-run effort to collect management data from over 10,000 firms across industries and countries. The aim is to build an empirical basis for understanding what factors drive differences in management practices across regions, industries and countries, and how this determines firm and national performance. More recently he has also been working with Accenture on running management experiments. He also works on understanding the impacts of large uncertainty shocks–such as the credit crunch, the 9/11 terrorist attacks and the Cuban Missile crisis–on the US economy, for which he won the Frisch Medal in 2010.
In this research, we used text-to-data analysis to build three new datasets from firm quarterly earnings call, burning glass job adverts and US daily newspaper stories. Armed with this and patenting data we identify 22 new technologies and their roll-out across firms and labor markets in the US. Three stylized facts jump out from our data. First, as technologies develop the number of workers using this technology grows in size but their education and wage level drops. This is a natural process in the move from early stage development of technologies which is heavy is PhD employees to the latter stage deployment which is typically heavier in college and high-school only educated employees. Second, as technologies develop their employment impact diffuses across the country. Initially, technologies appear to be concentrated in a few local hubs but over time with rising deployment their use diffuses across the country. Finally, the origin of technology hubs appears to be driven by the universities and high skilled labor pools. Technologies tend to originate in college towns and slowly diffuse across the country.
We hope you can join us for this and other seminars in this series. Other confirmed speakers include: Peter Cappelli, Russ Coff, Ranjay Gulati, Rebecca Henderson, Enrico Moretti, and Scott Stern. Further details are available on the website.
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