We analyze the optimal licensing contract that a patentee provides for a cost reducing innovation to a set of firms competing in a downstream market. We study two alternative licensing regimes: (i) a combination of royalties on sales and flat fees and (ii) fixed fees only. The first contract...

In this paper we analyze how spillovers in mortgage adoption affect mortgage product choice across neighborhoods and across borrowers of different racial or ethnic groups. We use loan-level data on subprime mortgages for metropolitan areas in California and Florida during 2004 and 2005, the peak...

In this paper, we study the welfare consequences of imposing alternative regimes of competition between two non-benevolent local governments that compete for mobile firms which have private information on their degree of locational attachment or home bias.In an environment in which politicians...

In this paper we provide estimates of the coefficient of relative risk aversion using information on self-reports of subjective personal well-being from multiple datasets, including three cross-sectional surveys and two panel surveys, namely the Gallup World Poll, the European Social Survey, the...

Examines the optimal licensing agreement between thepatent holder of a cost-cutting technology and firms that have various uses forthe innovation. This is accomplished through the development of a model ofpatent licensing that integrates two important features largely unexplored inthe...

In this paper we provide estimates of the coefficient of relative risk aversion for 80 countries using data on self-reports of personal well-being from the Gallup World Poll. For most countries we cannot reject the null hypothesis that the coefficient of relative risk aversion equals 1. We...

We examine a two-jurisdiction tax competition environment where local governments can only imperfectly monitor where agents pay taxes and risk-averse individuals may choose to cross borders to pay lower taxes in a neighboring location. In a game between local authorities, we find that, when...

type="main" <p>This paper studies the interaction between macroprudential and monetary policies, using a DSGE model with a housing market and collateral constraints. Monetary policy follows a standard Taylor rule for the interest rate. The macroprudential authority implements a Taylor-type rule for...</p>

One of the most salient feature of the Spanish housing market, compared to other European economies, is its relatively low rental share. This may be partly attributed to the existence of fiscal distortions in Spain favoring ownership. In this paper, we simulate the potential efects of different...