of Standards and Technology, the Technology Administration, or other parts of the U.S. Department of Commerce. Given the ongoing status of the analysis reported herein, it is advisable to check with the authors before quoting or referencing this report. John M. Nail, Ph.D. About the Authors Dr. John Nail

and A. Mattoo is the Lead Economist at the World Bank’s Development Economics

be initiated one period before the sale proceeds are received. The model predicts that consumption tracks income, and the model explains why consumers have asset-speci�c marginal propensities to consume. The model suggests that �nancial innovation may have caused the ongoing decline in U. S. savings rates

spreads, with most of the remainder attributable to a single systematic factor. Similarly, Duffie and Singleton (1999) find that both credit-risk and liquidity factors are necessary to explain innovations in U.S. swap rates. However, when analyzing the residuals they are unable to find explanatory factors

A widespread belief seems to be emerging, at least in the popular press, that the U.S. economy is in the throes of a fundamental transformation, one which is wiping out the 1972–95 productivity slowdown, along with inflation, the budget deficit, and the business cycle. A typical recent comment

regulate the value thereof, and of foreign coin, and fix the standard of weights and measures Unique Mission within the Government… Promote U.S. innovation and industrial competitiveness by advancing

To promote U.S. innovation and industrial competitiveness by advancing measurement science, standards, and technology … … in ways that enhance economic security and improve our quality of life.

This paper examines the patenting behavior of firms in an industry characterized by rapid technological change and cumulative innovation. Recent survey evidence suggests that semiconductor firms do not rely heavily on patents to appropriate the returns to R&D, despite the strengthening of US

and product market dimensions, and a role of venture capital for innovative companies. 3 Venture capital is widely believed to contribute to the competitive strength of the U.S. economy by promoting the development of innovative start-ups. Yet little is known about what kind of companies are most likely

In this paper, patent bibliometrics are used to investigate shifts underway in the American innovation system. Patent indicators point to extraordinarily dynamic innovation in information and health technologies accompanied by a shift in the center of U.S. innovation from the East to the West Coast