We organise seminars for researchers on Wednesdays from 10am to 11am.  Labore seminars will be arranged on-site, hybrid or Teams. The seminars will be held at Economicum (Arkadiankatu 7), seminar room, 4th floor.

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    14.2. Michaela Elfsbacka Schmöller (Bank of Finland): Do Recessions Slow Technology Growth? Evidence from the Firm Level (hybrid)

Abstract:

This paper presents firm-level empirical evidence on technology-enhancing investment in a crisis using a unique, representative survey of German firms and shows the persistent effects of economic contractions on potential output at the micro level. Our data features rich information on pre-crisis plans and actual investment in R&D and technological diffusion and thus identifies the crisis-induced change in innovation investment on both margins. We show that 25% of firms cut their R&D investment and 20% technology diffusion investment respectively. The innovation cuts are sizeable, with a mean R&D decrease of -65% (-750,000€ ) of pre-crisis plans in R&D and -70% (-954,000€) in diffusion respectively. We estimate that a 1% cyclical output drop translates into a cut of firms’ innovation investment of about -0.3%. Demand shocks are identified as a key driver of firms’ decrease of innovation investment. We rationalize our empirical results in a New Keynesian model with endogenous technology growth through R&D and technological diffusion which we utilize to demonstrate macroeconomic dynamics and aggregate TFP patterns, as well as alternative recession scenarios and potential amplification from financial frictions. Our results speak against the traditional dichotomy between cycle and trend and the conventional assumption that fluctuations in short-run demand do not affect long-term potential output.

  • 6.3. Tapio Bergholm (Itä-Suomen yliopisto): Mauno Koiviston talouspoliittinen ajattelu ja toiminta 1958-1968
  • 20.3. Juuso Villanen (Labore): TBA
  • 10.4. Hanna Virtanen (Etla): TBA
  • 24.4. Antti Ripatti (Helsinki University): TBA
  • 8.5. Peter Elmgren (Helsinki University): TBA
  • 15.5. Merja Kauhanen (Labore): TBA

 

PAST SEMINAR

  • 18.1.2023. Michaela Elfsbacka Schmöller (Bank of Finland): Endogenous Technology, Scarring and Fiscal Policy 
  • 29.3. Lauro Carnicelli (Labore): Effects of paternity leave reforms on gender inequality in the labor market
  • 26.4. Lauro Carnicelli (Labore): The impacts of union-led training on working conditions. Experimental evidence from Mozambique
  • 24.5. Eljas Aalto (Labore): Net Energy and Directed Technical Change
  • 7.6. Saara Tuuli (Nordic Investment Bank/Helsingin yliopisto):  Who Funds Zombie Firms: Banks or Non-banks?
  • 21.6. Sami Jysmä (Labore): Redistribution vs. social insurance: Measuring the social welfare impacts of tax and transfer policies
  • 4.10. Juha Tervala (Univ. of Helsinki): Hybrid Building the Education Revolution: The Employment Effects of Fiscal Stimulus in Australia
  • 11.10. Jon Piqueras (UCL): Unemployment Insurance, Inequality of Opportunity, and Labor Market Conditions
  • 25.10. Segal Le Guern Herry (Sciences Po): Wealth Taxation and Portfolio Allocation
  • 8.11. Fabio Verona (Bank of Finland): Forecast combination in the frequency domain
  • 29.11. Paul Schüle (Ludwig-Maximilians-Universität München & ifo Center for Macroeconomics and Surveys): Career Preferences and Socio-Economic Background
  • 13.12. Laura Heiskala (University of Turku): Parental workplace educational composition and children’s higher education enrolment

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