{
    "name": [
        {
            "role": "creator",
            "namePart": [
                "Haddad, Valentin"
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            "recordInfo": {
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        },
        {
            "role": "creator",
            "namePart": [
                "Ho, Paul"
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            "recordInfo": {
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                    "10672"
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        },
        {
            "role": "creator",
            "namePart": [
                "Loualiche, Erik"
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            "recordInfo": {
                "recordIdentifier": [
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    "genre": [
        "article"
    ],
    "abstract": [
        "Episodes of booming innovation coincide with intense speculation in financial markets leading to bubbles\u2014increases in market valuations and firm creation followed by a crash. We provide a framework reproducing these facts that makes a rich set of predictions on how speculation changes both the private and social values of innovation. We confirm the theory in the universe of U.S. patents issued from 1926 through 2010. Measures based on financial market information indicate that speculation increases the private value of innovation and reduces negative spillovers to competing firms. No commensurate change occurs in measures grounded in real outcomes.<br>"
    ],
    "language": [
        "eng"
    ],
    "titleInfo": [
        {
            "title": "Bubbles and the Value of Innovation",
            "titlePartNumber": "Working Paper 20-08"
        }
    ],
    "identifier": [
        {
            "$": "https:\/\/doi.org\/10.21144\/wp20-08",
            "@type": "doi"
        }
    ],
    "originInfo": {
        "issuance": "multipart",
        "sortDate": "2020-07-03",
        "dateIssued": "July 3, 2020"
    },
    "recordInfo": {
        "recordIdentifier": [
            "593454"
        ],
        "recordUpdatedDate": "2026-02-23 17:45:32",
        "recordCreationDate": "2020-07-08 13:17:07",
        "recordType": "item"
    },
    "typeOfResource": "text",
    "physicalDescription": {
        "form": "electronic",
        "extent": "92 pages",
        "digitalOrigin": "born digital",
        "internetMediaType": [
            "application\/pdf"
        ]
    },
    "location": {
        "url": [
            "https:\/\/fraser.stlouisfed.org\/title\/working-papers-federal-reserve-bank-richmond-3942\/bubbles-value-innovation-593454"
        ],
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        "pdfUrl": [
            "https:\/\/fraser.stlouisfed.org\/docs\/historical\/frbrich\/wp\/frbrich_wp20-08.pdf"
        ],
        "textUrl": [
            "https:\/\/fraser.stlouisfed.org\/files\/text\/historical\/frbrich\/wp\/frbrich_wp20-08.txt"
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    "relatedItem": [
        {
            "@type": "parent",
            "recordInfo": {
                "recordIdentifier": [
                    "3942"
                ]
            },
            "titleInfo": [
                {
                    "title": "Working Papers (Federal Reserve Bank of Richmond)"
                }
            ],
            "name": [
                {
                    "role": "creator",
                    "namePart": [
                        "Federal Reserve Bank of Richmond"
                    ],
                    "recordInfo": {
                        "recordIdentifier": [
                            "521"
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                }
            ]
        }
    ],
    "accessCondition": "For more information on rights relating to this item, please see: https:\/\/fraser.stlouisfed.org\/title\/working-papers-federal-reserve-bank-richmond-3942\/bubbles-value-innovation-593454"
}