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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 Profit Shifting through Intellectual Property and the Impact of US Tax Reforms
Evidence on patent transactions suggests that multinational enterprises engage in profit-shifting practices by transferring patents to tax havens.
Journal Article
Treasury Debt and Inflation Tax
We calculate the implicit inflation tax borne by households due to their holdings of U.S. Treasury debt. Nominal assets lose value due to unexpected inflation. We calculate unexpected changes in current and future inflation and document households’ holdings of Treasury debt across the wealth distribution, accounting for direct and indirect holdings through financial intermediaries. Combining these two pieces of information, we calculate the implied inflation tax across household wealth groups over the past four decades.
Transfer Pricing of Intangible Assets: Evidence from Patent Data
To reduce their tax exposure, multinationals may seek to shift profits to countries with lower tax rates. Do patents play a role in this strategy?
Which Households Are Most Exposed to the Inflation “Tax”?
The federal government benefits from unexpected bouts of inflation since the real value of its debt falls. However, this also hurts its debtholders.
Journal Article
Supply Chain Disruptions During the COVID-19 Recession
A combination of demand and supply forces caused unprecedented supply chain disruptions during the COVID-19 recession and recovery.
Intellectual Property Rights Have Become A Key Part of Trade Deals
Developed countries typically require strong IPR provisions to limit imitation and technology leakages in developing economies.
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 ...