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Author:Santacreu, Ana Maria 

Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens

This paper investigates the determinants of international technology licensing using data for 50 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including imperfect intellectual property protection and differences in corporate taxation. The gravity equation is estimated with nonlinear methods. The model's fundamentals account for about 60% of the variation in royalty payments. A quantitative analysis sheds light on the impact of global ...
Working Papers , Paper 2019-031

Working Paper
Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations

We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The frame- work shares the emphasis of the recent ?new shock? literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. As we show, the model also ...
Working Papers , Paper 2014-45

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 ...
Working Papers , Paper 2023-031

Employment Losses in Contact-Intensive Industries

The COVID-19 pandemic has had uneven effects on employment across industries. Nonessential contact-intensive industries have experienced the largest job losses.
On the Economy

Discussion Paper
Fiscal policy and excess inflation during Covid-19: a cross-country view

The recent surge in inflation in many countries around the world and the fiscal stimulus provided in the face of the COVID-19 pandemic has renewed interest in analyzing the potential role of large fiscal spending as a driver of price increases. In this note, we examine how fiscal support impacted the balance between supply and demand across countries during the COVID-19 crisis. 
FEDS Notes , Paper 2022-07-15-1

Working Paper
International Trade Policy During a Pandemic

This paper studies international trade policy during a pandemic. We consider a multi-sector small open economy model with essential and non-essential goods. Essential goods provide utility relative to a reference consumption level, and a pandemic consists of an increase in this reference level along with higher import and export prices of these goods. The economy produces domestic varieties of both types of goods subject to sectoral adjustment costs, and varieties are traded internationally subject to trade barriers. We find that trade provides limited relief to the increased demand for ...
Working Papers , Paper 2020-010

Journal Article
Potential U.S. Consequences of China’s Capital Account Liberalization

Recent policies in China could change the structure of capital flows from China to the United States.
Economic Synopses , Issue 12 , Pages 1-2

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?
On the Economy

Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens

This paper investigates the determinants of international technology licensing using data for 41 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including: (i) imperfect intellectual property protection and (ii) tax havens. The gravity equation is estimated using nonlinear methods. The model’s fundamentals account for 56% of the variation in royalty payments. Counterfactual analysis sheds light on the role of intellectual property rights ...
Working Papers , Paper 2019-031

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.
Economic Synopses , Issue 10 , Pages 2 pages

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