MACRO Seminar: Emin Dinlersoz, US Census Bureau

Speaker

Emin Dinlersoz, US Census Bureau

Biography

Emin Dinlersoz is a Principal Economist at the U.S. Census Bureau's Center for Economic Studies. He received his Ph.D. from University of Rochester in 2000. He has previously taught at the University of Houston, and worked as a consultant in economics. His main research areas are firm and industry dynamics, industry evolution, industrial and labor relations, entrepreneurship, and technology adoption. His work has been published in various peer-reviewed journals including American Economic Review, Journal of Monetary Economics, and Review of Economic Dynamics.

Title

"On the Roll of Trademarks: From Micro Evidence to Macro Outcomes"

Abstract

What are the effects of trademarks on the U.S. economy? Evidence from data on trademark registrations and outcomes for U.S. employer firms suggests trademarks
protect firm value and are linked to higher firm growth and marketing. Motivated by this evidence, trademarks are introduced in a general equilibrium framework to quantify their aggregate effects. Firms invest in product quality and engage in both in-formative and persuasive advertising to build a customer base subject to depreciation. Firms can register trademarks to reduce customer depreciation and enhance product awareness. The model’s predictions about trademark registrations, firm growth, an advertising align with the empirical evidence. Compared to the counterfactual economy without trademarks, the U.S. economy with trademarks generates higher average product quality but lower variety, ultimately resulting in greater welfare and higher industry concentration. While informative advertising improves welfare, persuasive advertising reduces it but does not negate the positive welfare effects of trademarks.