Microeconomic regulation

David Argente, Salome Baslandze, Douglas Hanley, Sara Moreira, 28 May 2020

Patents are at the heart of policies designed to incentivise innovation and productivity growth. In recent years however, while patent activity has skyrocketed, innovation and productivity growth have not. This column collects data on product innovations and links those to their respective patent. While patent filings are found to be followed by product innovations overall, this relationship is much stronger for firms with lower market share.

Satoshi Kondo, Daisuke Miyakawa, Kengo Shiraki, Miki Suga, Teppei Usuki, 13 May 2020

Detecting and preventing accounting fraud is a concern for many policymakers around the world. This column presents a framework that incorporates machine learning techniques to detect and forecast fraudulent behaviour by firms when reporting financial information. The framework relies on a larger set of firm information to achieve better detection performance and, unlike previous frameworks, provides forecasts for potential future accounting fraud.

Jörg Heining, Simon Jäger, Benjamin Schoefer, 08 April 2020

Many countries, especially in Europe, are characterised by shared governance institutions that grant workers formal authority in firms’ decision-making. This column uses a natural experiment: a 1994 reform in Germany that abolished worker-elected directors in certain new firms and permanently preserved them in others, to provide empirical evidence on the effects of shared governance. It finds that shared governance can lead to an increase in capital formation and discusses the mechanisms which may lead to this result.

Marijn Bolhuis, Judd N. L. Cramer, 02 April 2020

The effects of the COVID-19 pandemic on public health will have major repercussions for the global economy, impacting trends in many different sectors. This column uses detailed neighbourhood-level data to evaluate the impact of demographic changes on different segments of the US housing market. As larger homes (and those in neighbourhoods with relatively more baby boomers) lag behind the broader market in terms of price growth, they also appear increasingly difficult to sell. In the wake of COVID-19, a large share of the US population is at risk of taking a substantial hit to their asset portfolio, just as they retire.

Svend E. Hougaard Jensen, Gylfi Zoega, 21 December 2019

Everyone contributes equally to government-run pension schemes, but not everyone will spend the same number of years in retirement – blue-collar workers, for instance, do not live as long as their white-collar counterparts. Rather than pooling the resources of a heterogeneous group of workers, this column proposes that each worker receive a lump sum at a certain age, which they can then give to an occupational pension fund better informed about the life expectancy of its own participants.

Other Recent Articles:

Events

CEPR Policy Research