Despite its massive geological endowment and receiving what could be considered the largest windfall in its economic history, Venezuela entered 2020 in the middle of an unprecedented economic crisis. The Covid-19 pandemic and turbulence in oil markets represent the latest in a string of problems that expose the country’s vulnerability.
To avoid the resource curse, nonresident fellow Todd Moss proposes a direct cash dividend to drive macroeconomic benefit, alleviate poverty and create incentives that drive demand for transparency and sound management.
This working paper is part of a series titled “The Role of Foreign Direct Investment in Resource-Rich Regions.”
Public finance fellow Thomas Hogan analyzes the relationship between bank lending and the Federal Reserve's policy of paying interest on excess reserves (IOER).
This working paper studies optimal taxation in a dynamic stochastic economy in which there is uncertainty about the effects of climate change. It concludes that model uncertainty has significant quantitative implications regarding optimal greenhouse gas emissions and the optimal mix of fossil fuel used.
At least 164 papers have defined a "patent thicket" since the first mention of the term in 1988. Authors are frequently inconsistent in their definitions and overall there is evidence of a growing confusion concerning patent thickets. Our analysis largely resolves this confusion.
