Improving Productivity And Innovation Metrics: The Case of Financial Services

提高生产力和创新指标：金融服务案例

• 批准号: 0830260
• 负责人: Carol Corrado
• 金额: $ 24.02万
• 依托单位: The Conference Board, Inc.
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2008
• 资助国家: 美国
• 起止时间: 2008-10-01 至 2010-09-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0830260&HistoricalAwards=false
• 关键词: Improving; Productivity; Innovation; Metrics; Case

This research develops measures of firms? resources devoted to the development of new products and business models in the financial services industry, an activity called ?finance R&D.? The work helps fill a vast gap in our knowledge of the investment and innovation process for a large and important sector of economic activity in the United States. Traditional R&D spending captures the cost of the ?work done? by scientists and engineers because the innovation process in manufacturing is well understood to originate in a laboratory. But where do financial innovations, such as credit default swaps, derivatives, electronic payment systems, ATMs, and the like originate? A recent review of the empirical literature on financial innovation (Frame and White 2004) suggests little is known about the process.The novel aspect of our research will be to further develop available measures of intangible investment and capital by exploiting Bureau of Labor Statistics (BLS) employer-based datasets on employment and wages by detailed occupation and industry. The BLS data will be used in combination with information obtained from semi structured interviews with industry executives to build estimates of the ?work done? by the employees (or contractors) who conduct the design and development activity in (or for) financial services firms. The interviews will leverage the Conference Board?s extensive network of business contacts to obtain the required information as well as to generally expand our knowledge of the innovation process in financial services industries. The resulting industry-level series for finance R&D will both supplement traditional R&D measures and enhance the Corrado, Hulten, and Sichel (2006) macroeconomic estimates of the contribution of intangible capital to U.S. economic growth.Broader impacts: The need for better metrics of innovation and the knowledge economy was underscored by the Advisory Committee on Innovation established by the Secretary of Commerce. One of its main findings was to better measure business intangible investments, and another was to develop a fuller accounting of the sources of economic growth. Our research aims to advance these two goals by working on a large and from the standpoint of the empirical productivity literature largely under researched sector of the U.S. economy.

这项研究开发的措施，企业？的资源，专门用于开发新产品和商业模式的金融服务业，一项活动称为？金融R D？ 这项工作有助于填补我们对美国经济活动的一个重要部门的投资和创新过程的知识的巨大空白。传统的研发支出捕获的成本？工作完成了吗？科学家和工程师的创新，因为在制造业的创新过程中，众所周知，起源于实验室。 但是，金融创新，如信用违约互换、衍生品、电子支付系统、自动取款机等，是从哪里起源的呢？ 最近对金融创新实证文献的回顾（Frame and白色，2004）表明，人们对金融创新的过程知之甚少。我们研究的新方面是利用美国劳工统计局（BLS）基于雇主的就业和工资数据集，通过详细的职业和行业，进一步发展无形投资和资本的可用措施。劳工统计局的数据将被用于结合从半结构化的采访中获得的信息与行业高管建立估计？工作完成了吗？由在金融服务公司（或为金融服务公司）进行设计和开发活动的员工（或承包商）执行。 面试会影响到会议委员会吗我们广泛的业务联系网络，以获得所需的信息，并普遍扩大我们在金融服务行业的创新过程的知识。由此产生的金融R D的行业水平系列将补充传统的R D措施，并加强Corrado，Hulten，and Sichel（2006）的无形资本对美国经济增长的贡献的宏观经济估计。更广泛的影响：商务部长成立的创新咨询委员会强调了对创新和知识经济更好的衡量标准的必要性。其主要结论之一是更好地衡量企业无形投资，另一个是更全面地核算经济增长的来源。我们的研究旨在通过大量的工作，并从经验生产率文献的角度，主要是在美国经济的研究部门，以推进这两个目标。