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Journal Article
Brunelleschi's bargain: intellectual property in digital space

Regional Review , Issue Fall , Pages 6-13

Conference Paper
Reaching through the genome

Proceedings , Issue Sep , Pages 105-115

Working Paper
The case against patents

The case against patents can be summarized briefly: there is no empirical evidence that they serve to increase innovation and productivity. There is strong evidence, instead, that patents have many negative consequences.
Working Papers , Paper 2012-035

Journal Article
The globalization of ideas

Globalization is the process of increasing economic interdependence among nations. It is reflected in the growth of cross-border trade in goods and services. Ideas, like goods and services, also flow across borders and their globalization is well under way. ; Quantifying that flow is difficult; however, patent filings can provide indirect evidence on the production of ideas. Further, cross-border patenting--the patenting of one idea in several countries--can help trace the flow of ideas. What we learn from those data is that idea production has taken off in the developing BRIC economies ...
Economic Letter , Volume 5

Journal Article
Innovation: Is the Eighth District catching up with the nation?

The degree of innovation in the Eighth District has lagged the rest of the nation over the past two decades. In one area, however, the District is beginning to catch up.
The Regional Economist , Issue Apr , Pages 12-13

Working Paper
International patenting and technology diffusion

Finance and Economics Discussion Series , Paper 94-35

Journal Article
Are we running out of new ideas? a look at patents and R&D

FRBSF Economic Letter

Journal Article
Ten years after: What are the effects of business method patents in financial services?

In recent years, the courts have determined that business methods can be patented, and the United States Patent and Trademark Office has granted some 12,000 patents of this sort. Has the availability of patents for business methods increased the rate of innovation in the U.S. financial sector? The available evidence suggests that there has been no significant change in the aggregate trend of R&D investments made by financial firms. In "Ten Years After: What Are the Effects of Business Method Patents in Financial Services?," Bob Hunt discusses how recent court decisions and proposed ...
Business Review , Issue Q3 , Pages 21-34

Working Paper
Patent-Based News Shocks

We exploit firm-level data on patent grants and subsequent reactions of stocks to identify technological news shocks. Changes in stock market valuations due to announcements of individual patent grants represent expected future increases in the technology level, which we refer to as patent-based news shocks. Our patentbased news shocks resemble diffusion news, in that they do not affect total factor productivity in the short run but induce a strong permanent effect after five years. These shocks produce positive comovement between consumption, output, investment, and hours. Unlike the ...
International Finance Discussion Papers , Paper 1277

Journal Article
Patent reform: a mixed blessing for the U.S. economy?

The 1980s represented a period of dramatic change in the design and enforcement of U.S. intellectual property law. Many of these changes were adopted in the hopes of stimulating private research and development and improving the technological competitiveness of American industries. This article examines the effects of an especially important aspect of these changes: many more inventions qualify for patent protection than before. While it seems logical that making patents easier to obtain will encourage more inventive activity, economic analysis reveals this is not always true, and it is less ...
Business Review , Issue Nov , Pages 15-29


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