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    <title>EconStor Community:</title>
    <link>https://hdl.handle.net/10419/233215</link>
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    <pubDate>Wed, 29 Apr 2026 02:08:54 GMT</pubDate>
    <dc:date>2026-04-29T02:08:54Z</dc:date>
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      <title>The price of knowledge diffusion: Technology licensing and market power</title>
      <link>https://hdl.handle.net/10419/339219</link>
      <description>Title: The price of knowledge diffusion: Technology licensing and market power
Authors: Korpela, Ville; Mäkynen, Eero; Takalo, Tuomas
Abstract: Business dynamism has been slowing globally over the last several decades. In a recent study, Akcigit and Ates (2023) examine the relative importance of different channels behind this development and highlight weakened knowledge diffusion from the technology frontier to followers as a dominant force.1 Their study also suggests that diffusion may weaken endogenously as the technology gap widens and market power accumulates, raising the question of how innovation policy can strengthen diffusion without reducing welfare. In this pa- per we study leader-to-follower licensing as a policy-relevant diffusion margin, and evaluate licensing subsidies relative to direct R&amp;D subsidies. We develop an endogenous-growth general equilibrium model in which firms compete in prices and invest in R&amp;D; the technology leader endogenously chooses whether to license to the follower, trading off higher static profits against faster follower catch-up through knowledge diffusion. We calibrate the model to Finnish data from 2014-2019. Our first exercise evaluates whether allowing licensing is desirable by shutting down the licensing channel in the calibrated economy. In the Finnish benchmark, shutting down licensing lowers growth but increases consumption-equivalent welfare, because the level effects of reduced concentration dominate the diffusion benefits of licensing. We then vary the diffusion rate through licensing and product substitutability to characterize when licensing becomes welfare improving. In that region, solving the policymaker's problem shows a non-trivial interaction: higher R&amp;D subsidies can reduce equilibrium licensing by moving leaders more quickly into the monopoly-pricing states where licensing is privately unattractive, so the optimal policy mix augments R&amp;D support with a non-negligible licensing subsidy to sustain diffusion.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/339219</guid>
      <dc:date>2026-01-01T00:00:00Z</dc:date>
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    <item>
      <title>Quantifying Minsky cycles</title>
      <link>https://hdl.handle.net/10419/339218</link>
      <description>Title: Quantifying Minsky cycles
Authors: Ristolainen, Kim
Abstract: We develop a novel sentiment measure derived from survey data to empirically vali date the Minsky-Kindleberger view on financial crises. Using survey data from multiple countries, we decompose beliefs into components explained by public information that are orthogonal to optimal machine beliefs, constructing a framework that isolates sentiment and its dispersion among individuals. We show that deviations from machine-optimized benchmarks arise from systematic misaggregation of public information. The sentiment measure is validated through its predictive relationships with financial markets and belief dynamics consistent with heterogeneous-beliefs asset pricing theory. We extend this senti ment measure historically for a panel of 78 countries using machine learning models trained on BERT embeddings of historical news articles (1903-2020). The backcasted sentiment shows that shocks in median sentiment predict credit booms in the non-tradable corporate sector, which prior research has linked to financial crises, providing the first historically large-scale empirical validation of the Minsky cycle. We further show that sentiment, which is a misaggregation of public information, is influenced by memory-related dynamics, as the time elapsed since major crises and the share of young-to-old people in the population strongly predict surges in optimism even when recent economic developments are controlled for.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/339218</guid>
      <dc:date>2026-01-01T00:00:00Z</dc:date>
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    <item>
      <title>What can we learn from Argentina's new economic regime?</title>
      <link>https://hdl.handle.net/10419/322119</link>
      <description>Title: What can we learn from Argentina's new economic regime?
Authors: Hukkinen, Juhana; Virén, Matti E. E.
Abstract: Recent economic developments in Argentina give rise to several interesting observations about the workings and effects of economic policies. Of particular interest, of course, are the dramatic changes in inflation as a consequence of the economic policies of the newly elected President Javier Milei. Here, we briefly describe these policies and try to assess how much they contributed to this outcome. As a reference, we use indicators of monetary policy, which are conventionally considered to be of decisive importance in combating inflation. Although we cannot provide a formal test for the importance of different policies, it seems that policies which restored fiscal soundness were the decisive factor.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/322119</guid>
      <dc:date>2025-01-01T00:00:00Z</dc:date>
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    <item>
      <title>Preaching to the future: Religious schools, youth organizations, and the rise of political Islam in Türkiye</title>
      <link>https://hdl.handle.net/10419/331346</link>
      <description>Title: Preaching to the future: Religious schools, youth organizations, and the rise of political Islam in Türkiye
Authors: Benzer, Tolga; Tukiainen, Janne
Abstract: We examine whether anti-establishment outsider movements can leverage education and youth mobilization to build long-run political power. We study the expansion of state-run religious secondary schools in 1970s Türkiye and show that access to these schools catalyzed the emergence of Islamist youth organizations, which played a central role in ideological formation, grassroots mobilization, and the eventual electoral success of the Islamist movement. Using a novel dataset and a difference-in-differences framework, we show that access to religious schools increased the local presence of Islamist youth organizations in the short run and boosted Islamist party vote share in the medium run. Effects were strongest where youth branches formed soon after school access and engaged in ideologically immersive activities. Individual-level survey evidence shows that exposed male cohorts were more religious and more likely to engage in Islamist party politics later in life. Our findings illustrate how schools and youth organizations - when strategically aligned - can serve as a foundation for enduring political transformation, not only for ruling elites but also for outsider movements seeking to gain power.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/331346</guid>
      <dc:date>2025-01-01T00:00:00Z</dc:date>
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