Equilibrium R&D and the patent-R&D ratio: U.S. evidence

Article Abstract:

The ratio of patents to R&D in the US fell between the late 1950s and the late 1980s. Three patents were generated from some $1 million in 1982-dollars of research funded by corporations in the late 1950s, compared to one patent in the late 1980s. An equilibrium model of industry growth illustrates that the decline in the patent-R&D ratio is partly the result of growth in market size and partly the result of a decline in the growth of patent stocks.

Economic aspects, Industrial research, Patents

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Currencies and the allocation of risk: the welfare effects of a monetary union

Article Abstract:

A general equilibrium model is derived to analyze the effects of a monetary union on the risk allocation efficiency of an economy with incomplete asset markets. Monetary unions are aimed at eliminating exchange rate fluctuations and easing political pressures on monetary policy. It is shown that monetary unions are feasible when the gains from eliminating the excess volatility of nominal variables outweigh the cost of changing the asset structure.

Analysis, Monetary unions

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