We present new data on research spillovers between nations and between industries, discussing some theoretical and measurement issues. Our technique makes patent data more useful and practical for economic analysis, allowing analysis of the industries of manufacture and sectors of use for...

We build an equilibrium business cycle model in which agents cannot perfectly distinguish between the permanent and transitory components of TFP shocks and learn about those components using the Kalman filter. Calibrated to Mexico, the model predicts a higher variability of consumption relative...

The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an...

This paper studies the impact of M&A of Canadian firms by emerging market firms on the stock performance of the acquired firms from 2000 to 2016, using the short-term window event study. We find that the abnormal return of target firms on the event day is 10.3 percent and the cumulative abnormal...