The SARS-CoV-2 coronavirus that causes the COVID-19 disease led to the most significant change in the world order over the past century, destabilizing the global economy and financial stock markets, the world's economy, social development, business, risk, financial management and financial...

How should multilateral trade policy be designed in a world in which countries differ in terms of market access and technology, and firms with market power differ in terms of productivity? We answer this question in a model of monopolistic competition in which variable markups increasing in firm...

We explore conditions under which collaboration between pharmaceutical firms from 'advanced' and emerging countries becomes preferable to rivalry. We show that that when agreements, such as Trade Related Aspects of Intellectual Property (IP) Rights, allow advanced country firms to take legal...

This paper provides a theory of quot;family network,quot; in contrast to quot;local externalities,quot; to explain the geographic concentration of industry. For many industries, one most important source of entrants is spinoffs, who typically locate near parent firms and benefit from knowledge...

We empirically study the dynamics of R&D productivity by firm size over an industry's life cycle. To do this, we examine the relationship between R&D expenditures, firm size, and new product introductions at the firm level in the personal computer industry. In general, we find the following. (1)...

Drawing from a commercial database seldom used by economists, this note provides aggregate statistics for four dimensions of the worldwide explosion of industrial mergers: the overall volume, the median and average size of mergers, sectoral composition of mergers, and the countries where these...

We examine the dynamics of a country’s growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country’s access to external borrowing. In turn, access to...

This paper provides empirical evidence showing the effect of airline cooperation on the level of interline fares paid by international passengers. The analysis focuses on two measures of cooperation, codesharing and antitrust immunity, and the results show their partial effects are both...

This paper provides empirical evidence showing the effect of airline cooperation on the level of interline fares paid by international passengers. The analysis focuses on two measures of cooperation, codesharing and antitrust immunity, and the results show their partial effects are both...