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Working Paper
What Drives International technology Diffusion? A Gravity Approach
Santacreu, Ana Maria (2019-11-04)
We derive a theory-based gravity-type equation that determines the main drivers of international technology diffusion under perfect enforcement of intellectual property rights. We estimate the gravity equation using bilateral royalty payments data for a sample of 53 countries and the period 1995-2012 to infer the amount of technology diffusion predicted by the model. We then analyze differences between the model and the data, and find that they are mainly driven by characteristics of the importing-technology country that are not captured by the model. We explore the role of three channels: ...
Working Papers , Paper 2019-31

Journal Article
Monetary Policy in Small Open Economies: The Role of Exchange Rate Rules
Santacreu, Ana Maria (2015)
Understanding the costs and benefits of alternative monetary policy rules is important for economic welfare. Within the context of a small open economy model and building on the work of Mihov and Santacreu (2013), the author analyzes the economic implications of two monetary policy rules. The first is a rule in which the central bank uses the nominal exchange rate as its policy instrument and adjusts the rate whenever there are changes in the economic environment. The second is a standard interest rate rule in which the central bank adjusts the short-term nominal interest rate to changes in ...
Review , Volume 97 , Issue 3 , Pages 217-32

Journal Article
Long-Run Economic Effects of Changes in the Age Dependency Ratio
Santacreu, Ana Maria (2016)
A decrease in the labor force and an increase in the elderly population could slow economic growth.
Economic Synopses , Issue 17 , Pages 1-2

Working Paper
Shortages of Critical Goods in a Global Economy: Optimal Trade and Industrial Policy
Leibovici, Fernando; Santacreu, Ana Maria (2023-12)
This paper studies the role for optimal trade and industrial policy to mitigate shortages of critical goods following global shocks. We develop a dynamic model of trade with producers of essential and non-essential goods owned by heterogeneous households under incomplete markets. Shocks that increase global demand for critical goods lead to underinvestment relative to an economy with a representative household or complete markets. Trade exacerbates the shock as producers reallocate domestic sales toward exports. Shortages can be mitigated, increasing welfare, by taxing exports while ...
Working Papers , Paper 2020-010

Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
Santacreu, Ana Maria (2023-03-31)
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
Cross-border Patenting, Globalization, and Development
LaBelle, Jesse; Martinez-Zarzoso, Immaculada; Santacreu, Ana Maria; Yotov, Yoto (2023-12)
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

Journal Article
The Rise of Asia as a Destination for U.S. Patenting
Santacreu, Ana Maria; LaBelle, Jesse (2021-12-03)
China has become one of the main destinations where U.S. inventors seek to protect their intellectual property.
Economic Synopses , Issue 27 , Pages 1-2

The Rise of Cross-Border Patenting: Trends and Implications
Santacreu, Ana Maria (2024-06-11)
Excluding China, foreign patent applications have narrowed the gap with domestic patent applications, suggesting a global trend toward cross-border patenting.
On the Economy

Working Paper
Reaction functions in a small open economy: What role for non-traded inflation?
Santacreu, Ana Maria (2005-06-01)
I develop a structural general equilibrium model and estimate it for New Zealand using Bayesian techniques. The estimated model considers a monetary policy regime where the central bank targets overall inflation but is also concerned about output, exchange rate movements, and interest rate smoothing. Taking the posterior mean of the estimated parameters as representing the characteristics of the New Zealand economy, I compare the consequences that two alternative reaction functions have on the central bank's loss, for different specifications of its preferences. I obtain conditions under ...
Working Papers , Paper 2014-44

Journal Article
A Closer Look at China’s Supposed Misappropriation of U.S. Intellectual Property
Peake, Makenzie; Santacreu, Ana Maria (2019-02-08)
China has significantly increased its payments for the use of U.S. intellectual property.
Economic Synopses , Issue 5

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