International Intellectual Property Index
"In a remarkably short time viewed in a historical context, the lives of billions of people worldwide have been transformed for the better through innovation and creativity. Intellectual property (IP) [...]
Macroprudential margins: a new countercyclical tool?
We quantify the size of a fire-sale externality in the derivatives market in the absence of a macroprudential buffer on top of microprudential initial margin requirements. We show how this [...]
Banks Without Parachutes: Competitive Effects of Government Bail-Out Policies
We analyze the competitive effects of government bail-out policies in two models with different degrees of transparency in the banking sector. Our main result is that bail-outs lead to higher [...]
Quality of Primary Care Provided to Medicare Beneficiaries by Nurse Practitioners and Physicians
Beneficiaries attributed to PCNPs had lower hospital admissions, readmissions, inappropriate emergency department use, and low-value imaging for low back pain. Beneficiaries attributed to PCMDs were more likely than those attributed [...]
In-Text Patent Citations: A User’s Guide
We introduce, validate, and provide a public database of a new measure of the knowledge inventors draw on: scientific references in patent specifications. These references are common and algorithmically extractable. [...]
Key Attributes of Effective Resolution Regimes for Financial Institutions
When the FSB adopted the Key Attributes in 2011 it was agreed to develop further guidance on their implementation, taking into account the need for implementation to accommodate different national [...]
Schumpeterian Profits and the Alchemist Fallacy Revised
The present study examines the importance of Schumpeterian profits in the United States economy. Schumpeterian profits are defined as those profits that arise when firms are able to appropriate the [...]
Should Law Subsidize Driving?
"A century ago, captains of industry and their allies in government launched a social experiment in urban America: the abandonment of mass transit in favor of a new personal technology, [...]
Financial Regulation: Still Unsettled a Decade After the Crisis
This article assesses the accomplishments, unfinished business, and outstanding issues in the post-crisis approach to prudential regulation. After briefly reviewing how the ongoing integration of capital markets and traditional lending [...]
The Optimal distribution of population across cities
We develop an urban model that incorporates: (1) heterogeneous sites; (2) fiscal and urban externalities; and (3) an endogenous number of cities, i.e., the extensive margin of urban development. Within- [...]