Korean Abstract: 본 연구는 특허 인용 자료를 사용하여 일본, 한국, 대만으로부터 중국으로 향한 지식 전파(knowledge spillover)의 지형도를 분석하였다. 1976년에서 2017년까지 미국 특허청에서 승인된 네 국가의 특허 자료가...

Korean Abstract: 본 연구는 1996-2015년 기간 동안 개인이 아닌 기업이나 기관이 미국 특허청(USPTO)에 출원 및 등록한 특허자료를 사용하여 우리나라 지식전파의 지역화 효과를 분석하였다. 이를 위해 Jaffe, Trajtenberg, and Henderson(1993)...

In response to the global financial crisis and subsequent Great Recession, central banks embarked on a variety of unconventional measures. Among others, credit policy has been widely employed in many advanced economies. However, credit policy is far less understood than unconventional monetary...

Sellers often discriminate heterogeneous consumers with just a few products. This paper proposes an explanation for such coarse screening, based on consumer loss aversion. In our model, a seller offers a menu of bundles before a consumer learns his willingness to pay, and the consumer...

We study dynamic market competition between a monopoly incumbent and an entrant experimenting with disruptive innovation. The monopolist can only pursue the uncertain innovation if it buys the disruptor, who is more efficient and privately knows its ability. Mergers generate synergies. We...

Since the 1980s, the US has experienced a surge in patenting and R&D. To better understand the phenomena, we explore the evolution of the market value of knowledge capital with a novel firm-level dataset. While the importance of R&D has steadily declined, the market value of patents made a large...