A number of studies have shown that liquidity constraints on households enhance the efficacy of fiscal and monetary policies. However, liquidity constraints are always accompanied by saving constraints, with potential opposite effects on fiscal and monetary efficacy. Research differentiating...

This paper analyzes the setting of national patent policies in the global economy. In the standard model with free trade and social-welfare-maximizing governments à la Grossman and Lai (2004), cross-border positive policy externalities induce individual countries to select patent strengths that...