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 ...
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.
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.
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.
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.
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?
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.
Geographic Patterns of Innovation Across U.S. States: 1980-2010
The distribution of innovation in the United States has become more concentrated and has shifted to the West.
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.