Most estimates of the welfare costs of inflation are devised considering only noninterest-bearing assets, ignoring that since the 1980s technological innovations and new regulations have increased the liquidity of interest-bearing deposits. We investigate the resulting bias. Sufficient and...

We present an analytical solution to the lab-equipment R&D growth model with an exogenous rate of imitation and apply it to study the optimal level of intellectual property rights (IPR) protection. This has already been studied in Kwan and Lai (2003); however, a mistake in writing out the...