The debate on whether COVID-19 vaccine patents are slowing down the pace of vaccination and the recovery from the crisis has brought the optimal design of pharmaceutical patent policy to the fore. In this paper we evaluate patent policy in the US pharmaceutical industry. We estimate the effect...

Most countries with a VAT have a tax exemption for small businesses that have taxable sales below a certain threshold. The exemption reduces both the compliance costs for small businesses and the administrative costs for the government. We use a static analysis of the U.S. economy to determine...

Conventional wisdom suggests that small businesses are innovative engines of Schumpetarian growth. However, as small businesses, they are likely to face credit rationing in financial markets. If true then policies that promote lending to small businesses may yield substantial economy-wide...