Patent Statistics as Economic Indicators: A Survey
I shall try, in this survey, to show why I think patent statistics are interesting in spite of all the difficulties that arise in their use and interpretation. To do [...]
What Makes FRAND Fair? The Just Price, Contract Formation, and the Division of Surplus from Voluntary Exchange
I begin, in Part I, by showing that Aquinas’ just price resembles the price emerging from voluntary exchange rather than a regulated price resulting from involuntary exchange, such as compulsory [...]
Reflections on the Crisis and on Its Lessons for Regulator Reform and for Central Bank Policies
This paper discusses the problems exposed by the global financial crisis in the areas of financial regulation and supervision and possible solutions. It describes and evaluates current proposals regarding the [...]
Effects of the Community Reinvestment Act (CRA) on Small Business Lending
This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status [...]
Why bank capital matters for monetary policy
One aim of post-crisis monetary policy has been to ease credit conditions for borrowers by unlocking bank lending. We find that bank equity is an important determinant of both the [...]
Liquidity Risk After 20 Years
The Critical Finance Review commissioned Li, Novy-Marx, and Velikov (2017) and Pontiff and Singla (2019) to replicate the results in Pástor and Stambaugh (2003). Both studies successfully replicate our market-wide [...]
Would macroprudential regulation have prevented the last crisis?
How well equipped are today’s macroprudential regimes to deal with a re-run of the factors that led to the global financial crisis? We argue that a large proportion of the [...]
The Benefits and Costs of Residential Mobility Programmes for the Poor
By enabling low-income families to move from high- to low-poverty neigh- bourhoods, tenant-based rental subsidies for poor families have the potential to reduce the degree of economic segregation in the [...]
Higher fees paid to US physicians drive higher spending for physician services compared to other countries.
Higher health care prices in the United States are a key reason that the nation's health spending is so much higher than that of other countries. Our study compared physicians' [...]
Alice at Five
This paper updates the statistics on the five years after Alice v. CLS Bank and discusses 19 Federal Circuit cases (including their exemplary patent claims) that found eligibility upon Alice [...]