Firms in younger labor markets produce more innovation. We establish this by instrumenting the current labor force with historical births in each local labor market in the United States. Analyses of firms and inventors allow us to rule out unobservable heterogeneity across local labor markets and firms, life cycles, and other effects. Corporate innovation in younger labor markets reflects the innovative characteristics of younger labor forces, and its market value is higher. Younger workers as a group, not merely inventors by themselves, produce more innovation for firms through the labor force channel rather than through a financing or consumption channel.

中文翻译：

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劳动力人口统计与企业创新

年轻劳动力市场中的公司会产生更多创新。我们通过在美国每个地方劳动力市场上使用历史出生的当前劳动力来建立这一点。对公司和发明人的分析使我们能够排除当地劳动力市场和公司、生命周期和其他影响之间不可观察的异质性。年轻劳动力市场的企业创新反映了年轻劳动力的创新特征，其市场价值更高。年轻工人作为一个群体，不仅仅是他们自己的发明家，通过劳动力渠道而不是通过融资或消费渠道为公司创造更多创新。