Patent-Based News Shocks
利用企业获得专利授权时股票市值的变化，识别出专利相关的新闻冲击，发现这类冲击短期内不影响全要素生产率，但五年后产生持久效应，并引起消费、产出、投资和劳动时间的正向联动。
Abstract What do patents tell us about the economic effects of future technological improvements? We identify aggregate and industry-level patent-based news shocks by exploiting changes in stock market valuations of firms that obtain patent grants. Our shocks resemble diffusion news: they do not affect total factor productivity in the short run but induce a strong permanent effect after five years. We find that patent-based news shocks produce positive co-movement between consumption, output, investment, and hours. They also generate positive responses in inflation and in the federal funds rate, consistent with standard New Keynesian models.