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Working Paper
Cross-border Patenting, Globalization, and Development
We build a stylized model that captures the relationships between cross-border patenting, globalization, and development. Our theory delivers a gravity equation for cross-border patents. To test the model’s predictions, we compile a new dataset that tracks patents within and between countries and industries, for 1980-2019. The econometric analysis reveals a strong, positive impact of policy and globalization on cross-border patent flows, especially from North to South. A counterfactual welfare analysis suggests that the increase in patent flows from North to South has benefited both ...
Journal Article
The Rise of Asia as a Destination for U.S. Patenting
China has become one of the main destinations where U.S. inventors seek to protect their intellectual property.
Journal Article
Profit Shifting Through Intellectual Property
Patent data can give us insights on profit shifting due to multinationals moving intellectual property to tax havens.
Working Paper
Cross-border Patenting, Globalization, and Development
We build a quantitative model that captures the relationships between cross-border patenting, globalization, and development. Our theory delivers a ‘structural gravity’ equation for cross-border patents. To test the model’s predictions, we compile a new dataset that tracks patents within and between countries and industries over time. The econometric analysis reveals a strong, positive impact of policy and globalization on cross-border patent flows between 1995 and 2018, especially from North to South. A counterfactual analysis shows these North-to-South flows benefited both regions, ...
The Impact of Tax Differences on Intrafirm Patent Transactions
An analysis of global patent transfers found that international tax differences impact patent transactions between parent companies and foreign subsidiaries.
Journal Article
Supply Chain Disruptions and Inflation During COVID-19
Supply chain disruptions have contributed to large increases in PPI inflation during the COVID-19 pandemic.
Journal Article
Global Value Chains and U.S. Economic Activity During COVID-19
We investigate the role of global value chains in the declines of manufacturing employment and output in the U.S. during COVID-19. Specifically, we identify the role of global value chains by exploiting heterogeneity across industries in cross-country sourcing patterns and its interaction with exogenous cross-country variation in the containment policies introduced to combat the virus. We find that global value chains played a significant role in the decline of output and employment across U.S. manufactures. Moreover, we find a modest impact of diversifying or renationalizing global value ...
How Does Human Capital Affect Wealth Inequality?
Accounting for human capital can change the distribution of wealth and some common measures of wealth inequality.
Monetary Policy Surprises and Inflation Expectations
The private sector may slightly underestimate the short-term impact of monetary policy surprises on inflation but may predict longer-term effects fairly well.
Journal Article
Technology Transfer and Regional Trade Agreements
The growing importance of intellectual property rights in regional trade agreements has been associated with increased technology transfer.