This paper constructs an analytically tractable model of endogenous innovation with a special focus on the effects of barriers to entry, namely patents. Conventional models of endogenous growth rely on the existence and enforcement of intellectual property rights with patents. Those legal rights...

Conventional exchange rate theory has proven unreliable in its attempts to explain the real exchange rate. In the March 2003 Reserve Bank Monetary Policy Statement two graphs appeared, one of total net migration and the other the nominal TWI exchange rate. Closer inspection revealed they were...