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Patent Rights, Product Market Reforms, and Innovation

Aghion, Philippe - 2014

Can patent protection and product market competition complement each other in enhancing incentives to innovate? In this paper, we address this question by investigating how innovation responses to a substantial policy initiative increasing product market competition interact with the strength of...

Persistent link: https://www.econbiz.de/10013064451

Regulation and Distrust

Aghion, Philippe - 2010

In a cross-section of countries, government regulation is strongly negatively correlated with social capital. We … document this correlation, and present a model explaining it. In the model, distrust creates public demand for regulation …, while regulation in turn discourages social capital accumulation, leading to multiple equilibria. A key implication of the …

Persistent link: https://www.econbiz.de/10012757998

Technology, Information and the Decentralization of the Firm

Acemoglu, Daron - 2014

This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. However, the manager can use her...

Persistent link: https://www.econbiz.de/10012752291

The Impact of Regulation on Innovation

Aghion, Philippe; Bergeaud, Antonin; Van Reenen, John - 2022

Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable ….4% lower due to the regulation, a 2.2% consumption equivalent welfare loss. Four-fifths of this loss is due to lower innovation … changes in the direction of R&D, and find that regulation’s negative effects only matter for incremental innovation (as …

Persistent link: https://www.econbiz.de/10014089533

Eurosystem Monetary Targeting : Lessons from U.S. Data

Rudebusch, Glenn D. - 2010

Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...

Persistent link: https://www.econbiz.de/10013137167

Expected and Predicted Realignments : The Ff/Dm Exchange Rate During the EMS

Rose, Andrew Kenan; Svensson, Lars E. O. - 2021

An empirical model of time-varying realignment risk in an exchange rate target zone is developed. Expected rates of devaluation are estimated as the difference between interest race differentials and estimated expected rates of depreciation within the exchange rate band, using French...

Persistent link: https://www.econbiz.de/10013217941

Inflation Targeting as a Monetary Policy Rule

Svensson, Lars E. O. - 2021

The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to...

Persistent link: https://www.econbiz.de/10013218714

The First Year of the Eurosystem : Inflation Targeting or Not?

Svensson, Lars E. O. - 2021

This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...

Persistent link: https://www.econbiz.de/10013234929

Monetary Policy Issues for the Eurosystem

Svensson, Lars E. O. - 2021

The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the actual strategy the Eurosystem announced in the fall of 1998, the framework for policy decisions appropriate for achieving the goals of the Eurosystem, the role of exchange...

Persistent link: https://www.econbiz.de/10013247637

Money and Inflation in the Euro Area : A Case for Monetary Indicators?

Gerlach, Stefan; Svensson, Lars E. O. - 2021

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980 2000. The P* model is shown to have considerable empirical support. Thus, the price gap' or, equivalently, the real money gap' (the gap between current real balances...

Persistent link: https://www.econbiz.de/10013312477