Abstract
Using patents granted to firms in 59 countries by 76 patent offices to measure innovation, we study the relation between innovation and productivity growth at the country-level. Consistent with endogenous growth theory, patents forecast faster total factor productivity growth. This relation is stronger in countries where patents are widely held by small private firms rather than concentrated in public firms. Relatedly, patents granted by local patent offices have stronger growth effects than those granted by the trilateral patent offices (U.S., Europe, and Japan). Greater intellectual property rights weaken the patent-growth relation, suggesting strong patent protections slow innovation diffusion.
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