reference library

/reference library
reference library2018-06-08T14:23:35-07:00

This website features a collection of links to outside resources, many of which were cited in The Captured Economy, for readers interested in learning more about regressive regulation.

To filter the reference library by topic, please use the links on a topic page or open this page on a full-size screen and use the provided menu.

A Conflicts of Law Approach to Intellectual Property Research

Graeme W. Austin

Handbook of Intellectual Property Research: Lenses, Methods, and Perspectives

2021

Intellectual property (IP) conflict of laws issues in disputes between private parties arise for a variety of reasons. Most infringe the plaintiff’s intellectual property rights in countries X, Y, and…
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The AIA at Ten-How Much Do the Pre-AIA Prior Art Rules Still Matter?

Colleen V. Chien, Janelle Barbier, and Obie Reynolds

Patently-O Patent Law Journal

October 2021

As the America Invents Act (AIA) turns 10, patent students across the country may ask: if the law is already a decade old, why am I spending so much time…
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Branded Price Variation in the United States Drug Market, 2010 to 2019

Joseph Levy and Benedic Ippolito

Value in Health

August 5, 2021

Branded drug prices command considerable attention in the United States yet defining a drug’s price is not straightforward because they vary substantially across settings. We link branded drug prices across…
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Corporate social responsibility and disclosure of R&D knowledge

Quan Dong and Juan Carlos Bárcena-Ruiz

Economics of Innovation and New Technology

March 2020

In this paper we analyse whether firms that are concerned with corporate social responsibility (CSR) are willing to disclose their R&D knowledge for free. Assuming strategic R&D with endogenous spillovers…
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An Empirical Study of U.S. Copyright Fair Use Opinions Updated, 1978-2019

Barton Beebe

NYU Journal of Intellectual Property

Fall 2020

This article presents a brief update through 2019 of the author’s previous quantitative study of all reported federal court opinions that applied the Copyright Act’s four-factor test for copyright fair…
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(When) Does Patent Protection Spur Cumulative Research Within Firms?

Ashish Arora, Sharon Belenzon, Matt Marx, and Dror Shvadron

NBER

June 2021

We estimate the effect of patent protection on follow-on investments in corporate scientific research. We exploit a new method for identifying an exogenous reduction in the protection a granted patent…
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Regulating Glamour: A Quantitative Analysis of the Health and Safety Training of Appearance Professionals

Daniel Greenberg

John Marshall Law Review

2021

Personal appearance professionals in the United States — such as barbers, cosmetologists, and manicurists — must typically be licensed. These licensing requirements vary from state to state, and they are…
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The Resilience of the U.S. Corporate Bond Market During Financial Crises

Bo Becker and Efraim Benmelech

NBER

May 2021

Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic. We document three important findings: (1) bond issuance increased immediately when the contraction hit,…
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Rethinking Countercyclical Financial Regulation

Jeremy C. Kress and Matthew C. Turk

Georgia Law Review

May 2021

The 2008 financial crisis exposed a longstanding problem in financial regulation: traditional regulatory strategies tend to be procyclical. That is, regulatory tools—most notably, bank capital requirements—incentivize excessive credit growth during…
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How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

Andreas Fuster, Aurel Hizmo, Lauren Lambie-Hanson, James Vickery, and Paul Willen

Federal Reserve Bank of Boston

May 2021

The mortgage market experienced a historic boom in 2020, with record origination volumes and lender profits. While many borrowers benefited from record-low mortgage rates, the pass-through of lower rates to…
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Bankrupt Innovative Firms

Song Ma, Joy Tianjiao Tong, and Wei Wang

NBER

May 2021

This paper studies how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically…
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Suburbanization in the United States 1970-2010

Stephen J. Redding

NBER

May 2021

The second half of the twentieth century saw large-scale suburbanization in the United States, with the median share of residents who work in the same county where they live falling…
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Property Rights and Urban Form

Simeon Djankov, Edward L. Glaeser, Valeria Perotti, and Andrei Shleifer

NBER

May 2021

How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities? This paper incorporates insecure property rights into…
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Optimal Patent Policy for Pharmaceutical Industry

Tanja Saxell, Tuomas Takalo, and Olena Izhak

VATT Institute for Economic Research

July 2020

We show how characterizing optimal patent policy for the pharmaceutical industry only requires information about generic producers’ responses to changes in the effective duration and scope of new drug patents….
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The Performance of Hedge Fund Performance Fees

Itzhak Ben-David, Justin Birru, and Andrea Rossi

Ohio State University, Fisher College of Business Research Paper Series

June 19, 2020

We study the long-run outcomes associated with hedge funds’ compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around…
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Warding Off Development: Local Control, Housing Supply and NIMBYs

Evan Mast

W.E. Upjohn Institute for Employment Research

July 2020

Local control of land-use regulation creates a not-in-my-backyard (NIMBY) problem that can suppress housing construction, contributing to rising prices and potentially slowing economic growth. I study how increased local control…
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Single-Family Zoning Reform: An Analysis of SB 1120

David Garcia, Julian Tucker, and Isaac Schmidt

Terner Center for Housing Innovation

July 2020

The COVID-19 pandemic has exacerbated California’s housing crisis by heightening social and economic inequalities, with disparate impact on those unable to perform their jobs. The strong likelihood of a prolonged…
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Does Finance Benefit Society? A Language Embedding Approach

Manish Jha, Hongyi Liu, and Asaf Manela

SSRN

July 18, 2020

We measure popular sentiment toward finance using a computational linguistics approach applied to millions of books published in eight countries over hundreds of years. We document persistent differences in finance…
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Crisis-Critical Intellectual Property: Findings From the COVID-19 Pandemic

Frank Tietze, Pratheeba Vimalnath, Leonidas Aristodemou, and Jenny Molloy

IEEE Transactions on Engineering Management

June 18, 2020

A pandemic calls for large-scale action across national and international innovation systems in order to mobilize resources for developing and manufacturing crisis-critical products efficiently and in the huge quantities needed….
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Who Values Human Capitalists’ Human Capital? Healthcare Spending and Physician Earnings

Joshua D. Gottlieb, Maria Polyakova, Kevin Rinz, Hugh Shiplett, and Victoria Udalova

NBER

July 22, 2020

Is government guiding the invisible hand at the top of the labor market? We study this question among physicians, the most common occupation among the top one percent of income…
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After the JD III: Third Results of a National Study of Legal Careers

Gabriele Plickert, Ronit Dinovitzer, Bryant G. Garth, Robert Nelson, Gabriele Plickert, Rebecca Sandefur, Joyce Sterling, and David Wilkins, Tony Love, Gabriele Plickert, and Chantrey J. Murphy

American Bar Foundation and NALP Foundation for Law Career Research and Education

2014

This report gives an overview of findings from the third wave of data collection for the After the JD Study of Lawyers’ Careers, which we refer to in this report…
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When Examinees Cannot Test: The Pandemic’s Assault on Certification and Licensure

Michael G. Jodoin and Jonathan D. Rubright

Educational Measurement: Issues and Practice

July 23, 2020

The COVID‐19 pandemic wreaked havoc on the world economy as shelter‐in‐place regulations forced individuals to stay at and work from home. Brick and mortar testing centers, whether run as part…
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Why Do Borrowers Default on Mortgages? A New Method For Causal Attribution

Peter Ganong and Pascal J. Noel

NBER

July 2020

There are two prevailing theories of borrower default: strategic default—when debt is too high relative to the value of the house—and adverse life events—such that the monthly payment is too…
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Does Joining the S&P 500 Index Hurt Firms?

Benjamin Bennett, René M. Stulz, and Zexi Wang

NBER

July 2020

We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion…
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Is Dodd-Frank the Biggest Law Ever?

Patrick McLaughlin, Mark Febrizio, Oliver Sherouse, and Scott King

Mercatus Center

July 20, 2020

The Dodd-Frank Wall Street Reform and Consumer Protection Act (commonly known as Dodd-Frank), which was intended to address perceived problems in the financial system and prevent future crises, is the…
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Technological Improvement Rate Estimates for All Technologies: Use of Patent Data and an Extended Domain Description

Anuraag Singh, Giorgio Triulzi, and Christopher L. Magee

SSRN

Apr 30, 2020

In this work, we attempt to provide a comprehensive granular account of the pace of technological change. More specifically, we survey estimated yearly performance improvement rates for nearly all definable…
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Time to Stop the Exploitation of Free Academic Labour

Jon Tennant

European Science Editing

July 6, 2020

Commercial publishing houses continue to make unbounded profits while exploiting the free labour of researchers through peer review. If publishers are to be compensated financially for the value that they…
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The Causal Effects of R&D Grants: Evidence From a Regression Discontinuity

Pietro Santoleri. Andrea Mina, Alberto Di Minin, and Irene Martelli

LEM Working Paper Series

June 2020

Direct public support for business R&D is a well-established remedy to market failures, yet empirical evidence on its effectiveness yields conflicting results. The paper investigates the impact of the first…
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Occupational Licensing and Labor Market Fluidity

Morris M. Kleiner and Ming Xu

NBER

July 2020

We show that occupational licensing has significant negative effects on labor market fluidity defined as cross-occupation mobility. Using a balanced panel of workers constructed from the CPS and SIPP data,…
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Kicking the Can Down the Road: Government Interventions in the European Banking Sector

Viral V. Acharya, Lea Borchert, Maximilian Jager, and Sascha Steffen

NBER

July 2020

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector during the 2008/09 financial crisis. Using a novel and comprehensive dataset, we document that…
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Bank Complexity, Governance, and Risk

Ricardo Correa and Linda S. Goldberg

NBER

July 2020

Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs…
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Closing the Streaming Loophole

Adam Mossoff, Randall Rader, and Zvi Rosen

Regulatory Transparency Project

July 20, 2020

Creativity and innovation are flourishing in the entertainment industries. But the growing threat of streaming piracy presents a major challenge to the continued vitality of legitimate online video services like…
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The Patents-Based Pharmaceutical Development Process: Rationale, Problems, and Potential Reforms

John H Barton and Ezekiel J Emanuel

Journal of the American Medical Association

Oct 26, 2005

The pharmaceutical industry is facing substantial criticism from many directions, including financial barriers to access to drugs in both developed and developing countries, high profits, spending on advertising and marketing,…
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Estimating The Cost Of Delayed Generic Drug Entry To Medicaid

Chintan V. Dave, Michael S. Sinha, Reed F. Beall, and Aaron S. Kesselheim

Health Affairs

June 2020

Delays in market entry of generic drugs are common. This study sought to identify the prevalence of delayed entry, the reasons for the delays, and the delays’ effects on Medicaid…
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Technology Diffusion

Nancy Stokey

NBER

July 2020

The importance of new technologies derives from the fact that they spread across many different users and uses, as well as different geographic regions. The diffusion of technological improvements, across…
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Market Effects Bearing on Fair Use

Jeanne C. Fromer

SSRN

June 29, 2015

Copyright law, which promotes the creation of cultural and artistic works by protecting these works from being copied, excuses infringement that is deemed to be a fair use. Whether an…
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Insurance Design and Pharmaceutical Innovation

Leila Agha, Soomi Kim, and Danielle Li

NBER

July 2020

This paper studies how insurance coverage policies affect incentives for pharmaceutical innovation. In the United States, the majority of drugs are sold to Pharmacy Benefit Managers (PBMs), which administer prescription…
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Estimating The Cost Of Delayed Generic Drug Entry To Medicaid

Chintan V. Dave, Michael S. Sinha, Reed F. Beall, and Aaron S. Kesselheim

Health Affairs

June 2020

Delays in market entry of generic drugs are common. This study sought to identify the prevalence of delayed entry, the reasons for the delays, and the delays’ effects on Medicaid…
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Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation

Yifei Wang, Toni M. Whited, Yufeng Wu, and Kairong Xiao

NBER

May 2020

We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a dynamic banking model in which monetary policy affects imperfectly competitive banks’…
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Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis

Lei Li, Philip E. Strahan, and Song Zhang

NBER

May 2020

In March of 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive scale from pre-existing credit lines and loan commitments in anticipation…
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Copyright in the Texts of the Law: Historical Perspectives

Charles Duan

Journal of Intellectual Property and Entertainment Law

May 21, 2020

Recently, state governments have begun to claim a copyright interest in their official published codes of law, in particular arguing that ancillary materials such as annotations to the statutory text…
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The Economics of Crowdfunding

Jen-Wen Chang

American Economic Journal

2020

An entrepreneur finances her project via crowdfunding. She chooses a funding mechanism (fixed or flexible), a price, and a funding goal. Under fixed funding, money is refunded if the goal…
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Innovation in the U.S. Government

Joshua R. Bruce and John M. de Figueiredo

NBER

May 2020

This paper examines the U.S. government’s intramural research and development efforts over a 40-year period, drawing together multiple human capital, government spending, and patent datasets. The U.S. Federal Government innovates…
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Patents, Innovation, and Development

Bronwyn H. Hall

NBER

May 2020

I survey some recent research on the role of patents in encouraging innovation and growth in developing economies, beginning with a brief history of international patent systems and facts about…
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Financing Vaccines for Global Health Security

Jonathan T. Vu, Benjamin K. Kaplan, Shomesh Chaudhuri, Monique K. Mansoura, and Andrew W. Lo

NBER

May 2020

Recent outbreaks of infectious pathogens such as Zika, Ebola, and COVID-19 have underscored the need for the dependable availability of vaccines against emerging infectious diseases (EIDs). The cost and risk…
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The Anticompetitive Effects of Common Ownership: The Case of Paragraph IV Generic Entry

Jin Xie and Joseph Gerakos

PAEA Papers and Proceedings

May 2020

Brand-name pharmaceutical companies often file lawsuits against generic drug manufacturers that challenge the monopoly status of patent-protected drugs. Institutional horizontal shareholdings, measured by the generic shareholders’ ownership in the brand-name…
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Internalizing Externalities: Designing Effective Data Policies

Ryan Hill, Carolyn Stein, and Heidi Williams

AEA Papers and Proceedings

May 2020

Many economics journals have recently invested in efforts to archive and curate research data and promote reproducible research. The economics profession has focused relatively less attention on what types of…
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Innovation α: What Do IP-Intensive Stock Price Indexes Tell Us about Innovation?

Carol Corrado, David Martin and Qianfan Wu

AEA Papers and Proceedings

May 2020

Patents and other intellectual property (IP) have grown in relative importance in investments and market capitalizations of public firms (e.g., Corrado and Hulten 2010). This paper illustrates the construction of…
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Expected Profits and The Scientific Novelty of Innovation

David Dranove, Craig Garthwaite, and Manuel I. Hermosilla

NBER

May 2020

Innovation policy involves trading off monopoly output and pricing in the short run in exchange for incentives for firms to develop new products in the future. While existing research demonstrates…
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Truly Standard-Essential Patents? A Semantics-Based Analysis

Lorenz Brachtendorf, Fabian Gaessler, and Dietmar Harhoff

Centre for Economic Policy Research

May 2020

Standard-essential patents (SEPs) have become a key element of technical coordination in standard-setting organizations. Yet, in many cases, it remains unclear whether a declared SEP is truly standard-essential. To date,…
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Tax Credits and Small Firm R&D Spending

Ajay Agrawal, Carlos Rosell, and Timothy Simcoe

American Economic Journal: Economic Policy

April 2020

In 2004, Canada changed the eligibility rules for its Scientific Research and Experimental Development (SRED) tax credit, which provides tax incentives for R&D conducted by small private firms. Difference-in-difference estimates…
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Advance Market Commitments: Insights from Theory and Experience

Michael Kremer, Jonathan D. Levin, and Christopher M. Snyder

NBER

February 2020

Ten years ago, donors committed $1.5 billion to a pilot Advance Market Commitment (AMC) to help purchase pneumococcal vaccine for low-income countries. The AMC aimed to encourage the development of…
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Scientific Grant Funding

Pierre Azoulay and Danielle Li

NBER

March 2020

This chapter provides an overview of grant funding as an innovation policy tool aimed at both practitioners and science policy scholars. We first discuss how grants relate to other contractual…
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Copyright and Creativity: Evidence from Italian Opera During the Napoleonic Age

Michela Giorcelli and Petra Moser

NBER

March 2020

This paper exploits exogenous variation in the adoption of copyrights – as a result of the timing of Napoléon’s military victories in Italy – to examine the effects of copyrights…
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The Risk of Caution: Evidence from an R&D Experiment

Richard Carson, Joshua S. Graff Zivin, Jordan Louviere, Sally Sadoff, and Jeffrey G. Shrader Jr

NBER

March 2020

Innovation is important for firm performance and broader economic growth. But breakthrough innovations necessarily require greater risk-taking than more incremental approaches. To understand how managers respond to uncertainty when making…
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How Much Can Pharma Lose?

Sean Dickson and Jeromie Ballreich

Westhealth Policy Center

December 2019

Whenever policymakers consider approaches to reduce drug spending, the pharmaceutical industry sings a familiar refrain— any reduction in drug manufacturer revenues will cause investment to wither, depriving manufacturers of the…
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Blind Spot: How the COVID-19 Outbreak Shows the Limits of Pharma’s Monopoly Model

Zain Rizvi

Public Citizen

February 19, 2020

As yet another coronavirus spreads around the globe, scientists are once again trying to develop new treatments and vaccines. Much remains unknown about this family of viruses. But we know…
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Profitability of Large Pharmaceutical Companies Compared With Other Large Public Companies

Fred D. Ledley, Sarah Shonka McCoy, and Gregory Vaughan

JAMA

March 3, 2020

Understanding the profitability of pharmaceutical companies is essential to formulating evidence-based policies to reduce drug costs while maintaining the industry’s ability to innovate and provide essential medicines. This cross-sectional study…
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Estimated Research and Development Investment Needed to Bring a New Medicine to Market, 2009-2018

Olivier J. Wouters, PhD1; Martin McKee, MD, DSc2; Jeroen Luyten, PhD

JAMA

March 3, 2020

The mean cost of developing a new drug has been the subject of debate, with recent estimates ranging from $314 million to $2.8 billion. Data were analyzed on new therapeutic…
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Approaching intellectual property scholarship differently: A qualitative research review and agenda

Shobita Parthasarathy

Science and Public Policy

February 27, 2020

Social and policy interest in intellectual property, and patents, in particular, is growing. This is reflected in the rise of scholarly inquiry on the topic beyond the legal community, including…
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The Effects of Prize Structures on Innovative Performance

Joshua Graff Zivin and Elizabeth Lyons

NBER

February 2020

Successful innovation is essential for the survival and growth of organizations but how best to incentivize innovation is poorly understood. We compare how two common incentive schemes affect innovative performance…
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Product Innovation, Product Diversification, and Firm Growth: Evidence from Japan’s Early Industrialization

Serguey Braguinsky, Atsushi Ohyama, Tetsuji Okazaki, and Chad Syverson

NBER

February 2020

We explore how firms grow by adding products. In contrast to most earlier work on the topic, our conceptual and empirical framework allows for separate treatment of product innovation (vertical…
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Copyright and the Progress of Science: Why Text and Data Mining Is Lawful

Michael W. Carroll

UC Davis Law Review

2019

This Article argues that U.S. copyright law provides a competitive advantage in the global race for innovation policy because it permits researchers to conduct computational analysis — text and data…
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Demand Shocks, Procurement Policies, and the Nature of Medical Innovation: Evidence from Wartime Prosthetic Device Patents

Jeffrey Clemens, Parker Rogers

NBER

January 2020

We analyze wartime prosthetic device patents to investigate how procurement policy affects the cost, quality, and quantity of medical innovation. Analyzing whether inventions emphasize cost and/or quality requires generating new…
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Medicines and Intellectual Property: 10 Years of the WHO Global Strategy

Germán Velásquez

South Centre

December 2019

The negotiations of the Intergovernmental Working Group on Public Health, Innovation and Intellectual Property (IGWG) (2006-2008), undertaken by the Member States of the World Health Organization (WHO), were the result…
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Lack Of Access To Specialists Associated With Mortality And Preventable Hospitalizations Of Rural Medicare Beneficiaries

Kenton J. Johnston, Hefei Wen, and Karen E. Joynt Maddox

Health Affairs

December 2019

People living in rural areas have worse health outcomes than their urban counterparts do. Understanding what factors account for this could inform policy interventions for reducing rural-urban disparities in health….
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Producer prices in the legal services industry after the Great Recession

Joseph Valentine

Monthly Labor Review

November 2019

Following the 2008 financial crisis (which occurred during the Great Recession that began in December 2007), businesses and corporations experienced substantial difficulty in accessing credit required to maintain operations at…
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Waste in the US Health Care System: Estimated Costs and Potential for Savings

William H. Shrank, Teresa L. Rogstad, and Natasha Parekh

Journal of the American Medical Association

October 7, 2019

The United States spends more on health care than any other country, with costs approaching 18% of the gross domestic product (GDP). Prior studies estimated that approximately 30% of health…
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Policy uncertainty and the maturity structure of corporate debt

Sudip Datta, Trang Doan, and Mai Iskandar-Datta/p>

Journal of Financial Stability

October 2019

This study examines the effect of policy uncertainty on corporate debt maturity structure. We find that elevated levels of policy uncertainty lead firms to shorten debt maturity, indicating that firms…
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Does machine learning help us predict banking crises?

Johannes Beutel, Sophia List, and Gregorvon Schweinitz

Journal of Financial Stability

December 2019

This paper compares the out-of-sample predictive performance of different early warning models for systemic banking crises using a sample of advanced economies covering the past 45 years. We compare a…
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Is the CRA Still Relevant to Mortgage Lending?

Paul Calem, Lauren Lambie-Hanson, and Susan Watcher

Penn Institute for Urban Regulation

September 2019

Market share of conforming-size, home purchase mortgage originations has steadily and substantially shifted from banking institutions to nonbank lenders over recent years. In 2017, nonbanks originated more than 1.8 million…
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Economic Perspectives on FRAND

Roya Ghafele

2019

The economic valuation of intellectual property is an area with which IP professionals still need to fully come to grips with. In the context of Standard Essential Patents (SEPs), the…
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Housing America’s Older Adults 2019

Policy Advisory Board of the Joint Center for Housing Studies

Joint Center for Housing Studies at Harvard University

2019

Within the 65-and-over age group, most recent income gains have gone to the highest earners, and the number of households with housing cost burdens has reached an all-time high. Ensuring…
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Do financial crises cleanse the banking industry? Evidence from US commercial bank exits

Laima Spokeviciute, KevinKeasey, and Francesco Vallascas

Journal of Banking and Finance

February 2019

We examine the cleansing effect of financial crises via their contribution to the exit of inefficient US commercial banks from 1984 to 2013. We find a larger increase in the…
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Mortgage Finance in the Face of Rising Climate Risk

Amine Ouazad and Matthew E. Kahn

NBER

September 2019

Recent evidence suggests an increasing risk of natural disasters of the magnitude of hurricane Katrina and Sandy. Concurrently, the number and volume of flood insurance policies has been declining since…
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Competition and Strategic Incentives in the Market for Credit Ratings: Empirics of the Financial Crisis of 2007

Chenghuan Sean Chu and Marc Rysman

American Economic Review

2019

We study the market for ratings agencies in the commercial mortgage backed securities sector leading up to and including the financial crisis of 2007–2008. Using a structural model adapted from…
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Inclusionary Zoning and Housing Market Outcomes

Emily Hamilton

Mercatus Center

September 2019

As regions across the United States are experiencing high and rising house prices, inclusionary zoning is increasing in popularity as a tool to increase the availability of affordable housing for…
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Making Sense of the Barro-Ricardo Equivalence in a Financialized World

Lorenzo Esposito and Giuseppe Mastromatteo

Levy Economics Institute

July 2019

The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence,…
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The Monetary Basis of Bank Supervision

Lev Menand

SSRN

July 17, 2019

A series of statutory provisions codified at Title 12 of the U.S. Code empower special government officials known as supervisors to examine banks and tell bankers what to do, not…
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The Value of Intermediation in the Stock Market

Marco Di Maggio, Mark L. Egan, and Francesco Franzoni

NBER

August 2019

Brokers continue to play a critical role in intermediating institutional stock market transactions. More than half of all institutional investor order flow is still executed by high-touch (non-electronic) brokers. Despite…
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Jumbo rates are below conforming rates: When did this happen and why?

Stephen D. Oliner, Lynn M. Fisher, Tobias Peter, and Mike Fratantoni

American Enterprise Institute

August 6, 2019

Pre-crisis estimates of the jumbo-conforming spread, utilizing a variety of methodologies, ranged from 10 to 25 basis points. In the post-crisis period, this spread has decreased and has been negative…
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Is the Supreme Court’s Patentable Subject Matter Test Overly Ambiguous? An Empirical Test

Jason Reinecke

SSRN

July 2, 2019

In four cases handed down between 2010 and 2014, the Supreme Court articulated a new two-step patent eligibility test that drastically reduced the scope of patent protection for software inventions….
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Prophetic Patents

Janet Freilich

SSRN

June 25, 2018

In most contexts, making up data is forbidden – considered fraudulent, even immoral. Not so in patents. Patents often contain experimental data, and it is perfectly acceptable for these experiments…
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Copyright and Creativity: Evidence from Italian Operas

Michela Giorcelli and Petra Moser

SSRN

May 19, 2019

This paper exploits variation in the adoption of copyright laws – due to idiosyncratic variation in the timing of Napoléon’s military victories – to investigate the causal effects of copyright…
Read more

Corporate bond clawbacks as contingent capital for banks

Fernando Díaz, Gabriel G. Ramirez, and Luiling Liu

Journal of Financial Stability

August 2018

We propose a contingent clawback bond (COCLA) as an alternative source of contingent convertible capital (CoCo). We develop a utility maximization model in which a bank manager faces the following…
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Macroprudential Policy: What We’ve Learned, Don’t Know, and Need to Do

Kristin J. Forbes

AEA Papers and Proceedings

May 2019

Over the last decade, macroprudential policy has made important advances and become more widely used. We have a better understanding of its goals and tools, and are accumulating evidence that…
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The Paradoxes of Patenting: Invention and Its Diffusion in 18th- and 19th-Century Britain, France, and North America

Christine MacLeod

Technology and Culture

October 1991

This article deals with a period of transition for most patent systems in Europe and North America, from instruments of royal prerogative power to specialized and statute-based weapons of capitalist…
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Appropriating the Returns from Industrial Research and Development

Richard C. Levin, Alvin K. Klevorick, Richard R. Nelson, Sidney G. Winter

Brookings Papers on Economic Activity

1987

This paper describes the results of an inquiry into appropriability conditions in more than one hundred manufacturing industries. We discuss how this information has been and might be used to…
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The Changing Structure of American Innovation: Some Cautionary Remarks for Economic Growth

Ashish Arora, Sharon Belenzon, Andrea Patacconi, and Jungkyu Suh

NBER

May 2019

A defining feature of modern economic growth is the systematic application of science to advance technology. However, despite sustained progress in scientific knowledge, recent productivity growth in the U.S. has…
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The Spatial Mismatch Between Innovation and Joblessness

Edward L. Glaeser and Naomi Hausman

NBER

May 2019

American technological creativity is geographically concentrated in areas that are generally distant from the country’s most persistent pockets of joblessness. Could a more even spatial distribution of innovation reduce American…
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Trends in Prices of Popular Brand-Name Prescription Drugs in the United States

Nathan E. Wineinger, Yunyue Zhang, and Eric J. Topol

JAMA Network

May 31, 2019

High and continually increasing pharmaceutical drug spending is a major health and health policy concern in the United States.This economic evaluation of drug prices focuses on 49 top-selling brand-name medications…
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Is inclusionary Zoning inclusionary? A Guide for Practitioners

Heather L. Schwartz, Liisa Ecola, Kristin J. Leuschner, and Aaron Kofner

RAND Corporation

2012

Inclusionary zoning (IZ) has become an increasingly popular tool for providing affordable housing in an economically integrative manner. IZ policies typically require developers to set aside a proportion of units…
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Silver Bullet or Trojan Horse? The Effects of Inclusionary Zoning on Local Housing Markets

Jenny Schuetz, Rachel Meltzer, and Vicki Been

NYU Law School

June 9, 2008

Many local governments are adopting inclusionary zoning (IZ) as a means of producing affordable housing without direct public subsidies. In this paper, we use panel data on IZ in the…
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Gentrification, Property Tax Limitation, and Displacement

Isaac William Martin Kevin Beck

Urban Affairs Review

September 2, 2016

Scholars have long argued that gentrification may displace long-term homeowners by causing their property taxes to increase, and policy makers, including the U.S. Supreme Court, have cited this argument as…
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Housing, urban growth and inequalities: The limits to deregulation and upzoning in reducing economic and spatial inequality

Andrés Rodríguez-Pose and Michael Storper

Human Geography and Planning

May 2019

Urban economics and branches of mainstream economics – what we call the “housing as opportunity” school of thought – have been arguing that shortages of affordable housing in dense agglomerations…
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Gene Patents and Licensing Practices and Their Impact on Patient Access to Genetic Tests

Secretary’s Advisory Committee on Genetics, Health, and Society

Department of Health and Human Services

April 2010

In keeping with our mandate to provide advice on the broad range of policy issues raised by the development and use of genetic technologies as well as our charge to…
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The Uneasy Case for Software Copyrights Revisited

Pamela Samuelson

The George Washington Law Review

September 2011

Forty years ago, Justice Stephen Breyer expressed serious doubts about the economic soundness of extending copyright protection to computer programs in his seminal article, The Uneasy Case for Copyright. A…
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The Effect of House Prices on Household Borrowing: A New Approach

James Cloyne, Kilian Huber, Ethan Ilzetzki and Henrik Kleven

American Economic Review

May 2019

We investigate the effect of house prices on household borrowing using administrative mortgage data from the United Kingdom and a new empirical approach. The data contain household-level information on house…
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A Macroeconomic Model of Price Swings in the Housing Market

Carlos Garriga, Rodolfo Manuelli, and Adrian Peralta-Alva

American Economic Review

May 2019

This paper shows that a macro model with segmented financial markets can generate sizable movements in housing prices in response to changes in credit conditions. We establish theoretically that reductions…
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Interbank Connections, Contagion and Bank Distress in the Great Depression

Charles W. Calomiris, Matthew S. Jaremski, and David C. Wheelock

NBER

May 2019

Liquidity shocks transmitted through interbank connections contributed to bank distress during the Great Depression. New data on interbank connections reveal that banks were much more likely to close when their…
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