We propose a new measure of the economic importance of each innovation. Our measure
uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined …

… phase of isoclinal folding with associated parallel lineations trending ENE-WSW,
interpreted as a-structures, and a later phase of close to isoclinal folds trending NS (Papanikolaou …

… Dimitris Papanikolaou thanks the Zell Center for financial … Dimitris Papanikolaou thanks the
Zell Center for financial … volatility of x and d Z t x is a Wiener process independent from d Z t θ …

Many male infertility cases have no apparent cause, being characterized as idiopathic. Both
inflammation and obesity have long been associated with infertility. On one hand, …

… Our second alternative measure of growth opportunities is based on Kogan and Papanikolaou
(2010a). This measure is the beta of a regression of a firm's stock return on a proxy for …

… Papanikolaou argues that IST shocks are a systematic risk factor that carries a negative
price of risk because households have a higher marginal utility of wealth in states with good …

We analyze the supply-side disruptions associated with COVID-19. We find that sectors in
which a higher fraction of the workforce is not able to work remotely experienced greater …

Intangible assets are a large and growing part of firms’ capital stocks. Intangibles are accumulated
via investment—foregoing consumption today for output in the future—but they lack a …

… where d B ft , d B j t , and d B x t are independent standard Brownian motions. All idiosyncratic
shocks are independent of the aggregate shock: d B ft · d B x t = 0 and d B j t · d B x t = 0 . …

I explore the implications for asset prices and macroeconomic dynamics of shocks that
improve real investment opportunities and thus affect the representative household’s marginal …