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The Conduct of Monetary Policy

by Kevin Warshvia Economics Working Papers
Sunday, December 1, 2013

Economics Working Paper WP13115

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

IP² Working Paper No. 14003 - 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. 

Financial Innovation and Endogenous Growth

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

IP² Working Paper No. 14002 - 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. 

Property as Platform: Coordinating Standards for Technological Innovation

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

IP² Working Paper No. 14001 - 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.