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Journal Article
The Rise of Asia as a Destination for U.S. Patenting
China has become one of the main destinations where U.S. inventors seek to protect their intellectual property.
Journal Article
Profit Shifting Through Intellectual Property
Patent data can give us insights on profit shifting due to multinationals moving intellectual property to tax havens.
The Impact of Tax Differences on Intrafirm Patent Transactions
An analysis of global patent transfers found that international tax differences impact patent transactions between parent companies and foreign subsidiaries.
Journal Article
Supply Chain Disruptions and Inflation During COVID-19
Supply chain disruptions have contributed to large increases in PPI inflation during the COVID-19 pandemic.
Journal Article
Global Value Chains and U.S. Economic Activity During COVID-19
We investigate the role of global value chains in the declines of manufacturing employment and output in the U.S. during COVID-19. Specifically, we identify the role of global value chains by exploiting heterogeneity across industries in cross-country sourcing patterns and its interaction with exogenous cross-country variation in the containment policies introduced to combat the virus. We find that global value chains played a significant role in the decline of output and employment across U.S. manufactures. Moreover, we find a modest impact of diversifying or renationalizing global value ...
Journal Article
Global Profit Shifting through Intellectual Property and the Impact of US Tax Reforms
Evidence on patent transactions suggests that multinational enterprises engage in profit-shifting practices by transferring patents to tax havens.
Journal Article
Treasury Debt and Inflation Tax
We calculate the implicit inflation tax borne by households due to their holdings of U.S. Treasury debt. Nominal assets lose value due to unexpected inflation. We calculate unexpected changes in current and future inflation and document households’ holdings of Treasury debt across the wealth distribution, accounting for direct and indirect holdings through financial intermediaries. Combining these two pieces of information, we calculate the implied inflation tax across household wealth groups over the past four decades.
Transfer Pricing of Intangible Assets: Evidence from Patent Data
To reduce their tax exposure, multinationals may seek to shift profits to countries with lower tax rates. Do patents play a role in this strategy?
Which Households Are Most Exposed to the Inflation “Tax”?
The federal government benefits from unexpected bouts of inflation since the real value of its debt falls. However, this also hurts its debtholders.
Journal Article
Supply Chain Disruptions During the COVID-19 Recession
A combination of demand and supply forces caused unprecedented supply chain disruptions during the COVID-19 recession and recovery.