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DTSTART;TZID=Europe/Helsinki:20260910T124500
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DTSTAMP:20260714T181554
CREATED:20260714T112002Z
LAST-MODIFIED:20260714T112002Z
UID:10768-1789044300-1789048800@economia.uc3m.es
SUMMARY:Innovation\, Business Cycles\, and the Climate Transition
DESCRIPTION:Maximilian Konradt\n(CREI)\n  \n«Innovation\, Business Cycles\, and the Climate Transition»\nAbstract: This paper examines the relationship between green innovation and the business cycle\, revealing that while non-green innovation is procyclical\, green innovation is countercyclical. This pattern holds unconditionally over the business cycle and conditional on economic shocks. Motivated by these findings\, we develop a business cycle model with endogenous green and non-green innovation to explain their distinct cyclical behavior. The key mechanism operates through a `green is in the future’ channel: green patents are expected to generate higher profits in the future\, making green patenting less sensitive to short-term economic fluctuations. In general equilibrium\, this channel is reinforced\, making green and non-green innovation effective substitutes. We provide direct evidence supporting the model mechanism using data on market-implied values of green and non-green patents. \n\nFace to Face 15.2.71  –  Room 15.1.39
URL:https://economia.uc3m.es/event/innovation-business-cycles-and-the-climate-transition/
LOCATION:15.1.39
CATEGORIES:Seminario de Macroeconomía
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