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Published on Sep 13, 2012
The 2012 FEEM Award was conferred for the fourth year during the 27th European Economic Association (EEA) Congress at the University of Malaga in Spain. The three winners of this edition of the FEEM Award are: - Fadi Hassan, London School of Economics, with a paper entitled: "The Price of Development"; - Itziar Lazkano, University of Wisconsin--Milwaukee, with a paper entitled: "Intergenerational Externalities and Sustainable Growth"; - Julia Schmidt, Graduate Institute (IHEID) Geneva, with a paper entitled: "Technological Standardization, Endogenous Productivity and Transitory Dynamics".
Motivation statement for the paper: "Technological Standardization, Endogenous Productivity and Transitory Dynamics", by Julia Schmidt, Graduate Institute (IHEID) Geneva: "Standardization is a key element in technological progress, representing the clustered adoption of bundles of inventions. Justus Baron and Julia Schmidt develop a new measure of standardization, which can be interpreted as a proxy for technological change. There are three main findings. First, technology adoption is cyclical, with adoption rates higher during booms than during recessions, underlining the importance of demand effects. Second, standardization is an important driver of investment in equipment and software and is associated with faster productivity growth. Third, although technological diffusion is a long-term process, forward-looking variables (such as stock market indices) quickly respond to the introduction of new standards".
Interview with Julia Schmidt at the EEA Annual Congress, University of Malaga - 27-31 August 2012. Questions: 1) You present technology as a phenomenon itself, instead of considering it as a simple exogenous force. What is thus the impact of technology on productivity and what are the feedback mechanisms between technological innovation and the macroeconomic cycle? 2) You also investigate the role of standardization. Why is it an important indicator of technological progress, even more than patents?