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Journal Article
Rethinking Global Value Chains During COVID-19: Part 1
GVCs can make final goods production less costly and more efficient, but they are not without risks.
Journal Article
Rethinking Global Value Chains During COVID-19: Part 2
Recent research shows that GVCs played a large role in the propagation of foreign shocks on U.S. industries.
Journal Article
Global Supply Chain Disruptions and Inflation During the COVID-19 Pandemic
We investigate the role supply chain disruptions during the COVID-19 pandemic played in U.S. producer price index (PPI) inflation. We exploit pre-pandemic cross-industry variation in sourcing patterns across countries and interact it with measures of international supply chain bottlenecks during the pandemic. We show that exposure to global supply chain disruptions played a significant role in U.S. cross-industry PPI inflation between January and November 2021. If bottlenecks had followed the same path as in 2019, PPI inflation in the manufacturing sector would have been 2 percentage points ...
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?
Intellectual Property Rights Have Become A Key Part of Trade Deals
Developed countries typically require strong IPR provisions to limit imitation and technology leakages in developing economies.
Journal Article
COVID-19 and States' Revenues: An Analysis
Although the 2020 recession was likely the deepest in recorded history, state revenue losses have not been as severe as in past recessions.
Working Paper
Cross-border Patenting, Globalization, and Development
We build a stylized model that captures the relationships between cross-border patenting, globalization, and development. Our theory delivers a gravity equation for cross-border patents. To test the model’s predictions, we compile a new dataset that tracks patents within and between countries and industries, for 1980-2019. The econometric analysis reveals a strong, positive impact of policy and globalization on cross-border patent flows, especially from North to South. A counterfactual welfare analysis suggests that the increase in patent flows from North to South has benefited both ...
Profit Shifting in the 21st Century: Multinationals’ Use of Intrafirm Patent Transfers
An analysis indicates that a high percentage of U.S. patents that shifted to tax havens like Bermuda are intrafirm transfers. Such transfers may be a tax avoidance strategy by multinationals.
East Asia Outpaces Other Regions in International Patenting
As foreign patenting continues to grow, East Asia has become both the main origin of innovations and the main destination for patent protection.
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.