Search Results
Working Paper
Cross-border Patenting, Globalization, and Development
LaBelle, Jesse; Martinez-Zarzoso, Immaculada; Santacreu, Ana Maria; Yotov, Yoto
(2024-06)
We build a quantitative model that captures the relationships between cross-border patenting, globalization, and development. Our theory delivers a ‘structural 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 over time. The econometric analysis reveals a strong, positive impact of policy and globalization on cross-border patent flows between 1995 and 2018, especially from North to South. A counterfactual analysis shows these North-to-South flows benefited both regions, ...
Working Papers
, Paper 2023-031
Understanding the Net International Investment Position
Santacreu, Ana Maria
(2025-05-15)
The U.S. NIIP is the difference between U.S.-owned foreign assets and foreign-owned U.S. assets. Why has the NIIP become more negative in recent years?
On the Economy
Working Paper
Managing Macroeconomic Fluctuations with Flexible Exchange Rate Targeting
Mihov, Ilian; Heipertz, Jonas; Santacreu, Ana Maria
(2020-12-07)
We show that a monetary policy rule that uses the exchange rate to stabilize the economy outperforms a Taylor rule in managing macroeconomics fluctuations and in achieving higher welfare. The differences between the rules are driven by: (i) the path of the nominal exchange rate and interest rate under each rule, and (ii) time variation in the risk premium, which leads to deviations from uncovered interest parity. These differences are larger in very open economies, more exposed to foreign shocks, and in which domestic and foreign goods are highly substitutable.
Working Papers
, Paper 2017-028
Working Paper
A Quantitative Analysis of Tariffs across U.S. States
Zhang, Jing; Sposi, Michael; Santacreu, Ana Maria
(2021-05-21)
We develop a quantitative framework to assess the cross-state implications of a U.S. trade policy change: a unilateral increase in the import tariff from 2 to 25 across all goods-producing sectors. Although the U.S. gains overall from the tariff increase, we find the impact differs starkly across locations. Changes in real consumption (welfare) range from as high as 3.8% in Wyoming to $-0.3% in Florida, depending mainly on how exposed states are to differentially-impacted sectors. As a result, the "preferred'' tariff rate varies greatly across states. Foreign retaliation in trade policy ...
Working Papers
, Paper 2021-007
The Impact of Tax Differences on Intrafirm Patent Transactions
Santacreu, Ana Maria; LaBelle, Jesse
(2023-06-13)
An analysis of global patent transfers found that international tax differences impact patent transactions between parent companies and foreign subsidiaries.
On the Economy
Journal Article
Demand-Supply Imbalance during the COVID-19 Pandemic: The Role of Fiscal Policy
de Soyres, Francois; Santacreu, Ana Maria; Young, Henry L.
(2023-01-20)
To mitigate the health and economic fallout from the COVID-19 pandemic, governments worldwide engaged in massive fiscal support programs. We show that generous fiscal support is associated with an increase in the demand for consumption goods during the pandemic, but industrial production did not adjust quickly enough to meet the sharp increase in demand. This imbalance between supply and demand across countries contributed to high inflation. Our findings suggest a sizable role for fiscal policy in affecting price stability, above and beyond what a monetary authority can do.
Review
, Volume 105
, Issue 1
, Pages 21-50
Working Paper
Capital Accumulation and Dynamic Gains from Trade
Santacreu, Ana Maria; Ravikumar, B.; Sposi, Michael
(2017-02-27)
We compute welfare gains from trade in a dynamic, multicountry model with capital accumulation. We examine transition paths for 93 countries following a permanent, uniform, unanticipated trade liberalization. Both the relative price of investment and the investment rate respond to changes in trade frictions. Relative to a static model, the dynamic welfare gains in a model with balanced trade are three times as large. The gains including transition are 60 percent of those computed by comparing only steady states. Trade imbalances have negligible effects on the cross-country distribution of ...
Working Papers
, Paper 2017-5
Working Paper
Knowledge Diffusion, Trade and Innovation across Countries and Sectors
Li, Nan; Santacreu, Ana Maria; Cai, Jie
(2019-11-18)
We provide a unified framework for quantifying the cross country and cross-sector interactions among trade, innovation, and knowledge diffusion. We study the effect of trade liberalization in a multi-country, multi-sector endogenous growth model in which comparative advantage and the stock of knowledge are determined by innovation and diffusion. A reduction in trade costs induces a re-allocation of comparative advantage in production and innovation across sectors, which translates into higher growth along the counterfactual balanced growth path (BGP). Heterogeneous knowledge diffusion across ...
Working Papers
, Paper 2017-29
Journal Article
Supply Chain Disruptions and Inflation During COVID-19
Santacreu, Ana Maria; LaBelle, Jesse
(2022-05-12)
Supply chain disruptions have contributed to large increases in PPI inflation during the COVID-19 pandemic.
Economic Synopses
, Issue 11
, Pages 1-3
Working Paper
Dynamic Gains from Trade Agreements with Intellectual Property Provisions
Santacreu, Ana Maria
(2021-11-22)
I study the short- and long-term effects of trade agreements with strict intellectual property (IP) provisions on innovation, growth and welfare. I develop a quantitative multi-country trade model with endogenous productivity through innovation and adoption that features imperfect IP rights enforcement. A counterfactual analysis shows that improving IP protection in exchange for market access increases welfare, innovation and growth in the world. However, welfare gains along the transition accrue differently across countries. While developed countries benefit both in the short- and inthe ...
Working Papers
, Paper 2021-010
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