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The Great Way and The Myths

by Mark Harrisonvia The Economic and Social Research Council
Monday, August 4, 2014

A hundred years ago today the Great War broke out. As the story of this conflict has been told and retold, a set of misperceptions about the war have emerged. A paper from the ESRC Centre for Competitive Advantage in the Global Economy (CAGE) at the University of Warwick has analysed the most common myths.

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Patent Holdup: Do Patent Holders Holdup Innovation?

by Stephen Haber, Ross Levinevia IP2 Working Paper Series
Wednesday, May 7, 2014

President Obama and Congress have recommended major patent reforms based on the belief that the patent system allows patent holders to holdup the commercialization of complex technologies.

Re-Normalize, Don’t New-Normalize Monetary Policy

by John B. Taylor
Tuesday, April 1, 2014
Working Group on Economic Policy: WP73
In this paper I argue that central banks should re-normalize monetary policy— including the de facto independence of policy—rather than new-normalize policy to some so-called new normal.
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Patenting in an Entrepreneurial Region during the Great Depression: The Case of Cleveland, Ohio

by Naomi R. Lamoreauxvia IP2 Working Paper Series
Wednesday, January 22, 2014

Patenting is generally procyclical, so it is not surprising that patenting rates fell in the U.S. during the Great Depression. Behind the aggregate numbers, however, the patterns are intriguing. This study is motivated by the observation that the decline in patenting was steeper in the Midwestern manufacturing belt than it was in the Middle Atlantic. 

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Common Themes in Designs of Public Institutions for Fostering Innovation, Competition, and Finance

by F. Scott Kieff, Troy A. Paredesvia IP2 Working Paper Series
Wednesday, January 22, 2014

The paper provides concrete examples of the themes that emerge from a review of the detailed design and implementation of particular legal systems (public institutions) intended to foster innovation, competition, and finance, such as intellectual property, 

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Financial Innovation and Endogenous Growth

by Ross Levine, Stelios Michalopoulos, Luc Laevenvia IP2 Working Paper Series
Tuesday, January 21, 2014

We model technological and financial innovation as reflecting the decisions of profit-maximizing agents and explore the implications for economic growth. We start with a Schumpeterian model where entrepreneurs earn profits by inventing better goods and financiers arise to screen entrepreneurs. A novel feature of our model is that financiers also engage in the costly, risky, and potentially profitable process of innovation: Financiers can invent more effective processes for screening entrepreneurs. 

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Property as Platform: Coordinating Standards for Technological Innovation

by Henry E. Smithvia IP2 Working Paper Series
Monday, January 6, 2014

This paper examines the coordination of inputs to the development and use of technology as a problem in the theory of property. Recent misunderstanding of property, in terms of both the substance of its rights and the implications of its remedies, have presented property as an obstacle to – rather than as a platform for – rapidly evolving technology.

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Intellectual Property and the Law of Contract: The Case Against "Efficient Breach"

by Richard A. Epsteinvia IP2 Working Paper Series
Wednesday, October 23, 2013

In general sound general principles of contract law should carry over more or less seamlessly to the licensing of intellectual property. 

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Trolls and Other Patent Inventions: Economic History and the Patent Controversy in the Twenty-First Century

by B. Zorina Khanvia IP2 Working Paper Series
Thursday, October 17, 2013

The most significant changes to the patent and innovation system in the past two centuries have been, or are in the process of being, implemented in the United States today. 

The Conduct of Monetary Policy

by Kevin M. Warsh
Sunday, September 1, 2013

Working Group on Economic Policy: WP72

The Federal Reserve’s independence is essential to the conduct of monetary policy. But while the Fed is independent within government, it is not independent of government. The grant of authority to the Fed comes from Congress, to which the Fed is ultimately accountable. In my view, the Fed was granted significant powers by Congress, but those powers were not unlimited. The grant of authority was constrained. So by my measure, the Fed is a powerful institution, but a bounded one.