Estimating the Ideas' Production Function Using Macro‐Economic Persistence
利用生产率与宏观经济变量的持久性，估计创意生产函数的参数，发现创意积累后更难生产，且非持久性冲击可通过研发决策导致持久的生产率变化。
Abstract If productivity stems from the accumulation of ideas, then the ideas' production function can cause productivity and macro‐economic aggregates to be persistent. We use this insight to estimate the parameters of the ideas' production function in a general equilibrium model. We find that ideas become harder to produce as they accumulate. We quantitatively explore the propagation of different kinds of shocks through the ideas' production function, finding that nonpersistent shocks that affect R&D decisions may lead to persistent productivity changes as a result. The use of capital in R&D is important for propagation.