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: VoxEU
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Do patent rights impede follow-on innovation?

May 14th, 2013
in
Alberto Galasso, Mark Schankerman, 14 May 2013Do patents encourage innovation? This column presents a new analysis, suggesting that patent rights block cumulative innovation only in very specific environments. To encourage innovation, remedial government policies should be targeted; a ‘broad based’ scaling back of patent rights is unlikely to be appropriate.

Firms and credit constraints along the global value chain: Processing trade in China

May 13th, 2013
in
Kalina Manova, Zhihong Yu , 13 May 2013What can we learn from China’s experience as a linchpin in the global value chain? This column presents new research showing that financial frictions influence the organisation of production across firm and country boundaries. If you’re credit-constrained, you might be stuck in the low value-added stage of the supply chain. Strengthening capital markets might thus be an important prerequisite for moving into higher value-added, more profitable activity.

Communication by the European Central Bank: Inconsistent, yet effective?

May 13th, 2013
in
Jakob de Haan, David-Jan Jansen, 13 May 2013The European Central Bank has often been criticised for inconsistencies in its policy communications. At the same time, several papers show how ECB communication has been effective. This column resolves this paradox by providing evidence showing that ECB introductory statements were, in fact, quite consistent over the first decade of its operations.Full Article: Communication by the European Central Bank: Inconsistent, yet effective?

European bank deleveraging and global credit conditions

May 12th, 2013
in
Erik Feyen, Ines Gonzalez del Mazo, 12 May 2013Before the global financial crisis, European banks had rapidly expanded their foreign-lending activities. However, this column argues that financial stress in Europe has put this process into reverse and negatively affected credit conditions in developed and emerging markets alike.

Escaping liquidity traps: Lessons from the UK’s 1930s escape

May 12th, 2013
in
Nicholas Crafts, 12 May 2013The UK escaped a liquidity trap in the 1930s and enjoyed a strong economic recovery. This column argues that what drove this recovery was ‘unconventional’ monetary policy implemented not by the Bank of England but by the Treasury. Thus, Neville Chamberlain was an early proponent of ‘Abenomics’.

A pro-growth economic plan

May 11th, 2013
in
Richard Wood, 11 May 2013The world economy seems to be acting in unexpected ways. This column argues that austerity and quantitative easing do not seem to be working out as advertised. There is an urgent need to review the effectiveness of alternative macroeconomic policy approaches, and prepare an internationally agreed pro-growth plan to reflate distressed economies. The outlines of one such plan are presented.Full Article: A pro-growth economic plan

The TPP’s effect on Japanese growth

May 11th, 2013
in
Yasuyuki Todo, 11 May 2013Japan looks set to participate in the Trans-Pacific Partnership (TPP) negotiations. Reflecting the current debate in Japan, this column assesses what effect the Partnership will have on Japan’s growth. Evidence suggests that the economic effects may be far bigger than the current consensus suggests.Full Article: The TPP’s effect on Japanese growth

France’s weak economic performance: Sick of taxation?

May 10th, 2013
in
Balázs Égert, 10 May 2013France has recorded one of the lowest real per capita income growth levels in the OECD over the last 20 years or so. One of the many structural weaknesses causing this weak performance is the French tax system. This column argues that complexity, instability and non-neutrality coupled with very high effective tax rates in many areas of the French tax system put a heavy burden on the economy.Full Article: France’s weak economic performance: Sick of taxation?

Banking crises and political survival over the long run

May 10th, 2013
in
Jeffrey Chwieroth, Andrew Walter, 10 May 2013The economic consequences of financial crises have been systematically explored. Their political consequences haven’t. This column argues that without paying attention to politics, crises will remain poorly understood. After all, politics shapes policy choices, market sentiment and, ultimately, economic outcomes.

The cat in the tree and further observations: Rethinking macroeconomic policy

May 9th, 2013
in
George A. Akerlof, 9 May 2013Economists did very badly in predicting the crisis. But in this column, Nobelist George Akerlof argues that the economic policies post-crisis have been close to what a sensible ‘economist-doctor’ would have ordered. The lesson for the future is that good economics and common sense have worked well. We have had trial and success. We must keep this in mind with policy going forward.Full Article: The cat in the tree and further observations: Rethinking macroeconomic policy

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