Business method patents and U.S. financial services

Robert Hunt

No 08-10, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: A decade after the State Street decision, more than 1,000 business method patents are granted each year. Yet only one in ten are obtained by a financial institution. Most business method patents are also software patents. ; Have these patents increased innovation in financial services? To address this question the author constructs new indicators of R&D intensity based on the occupational composition of financial industries. The financial sector appears more research intensive than official statistics would suggest but less than the private economy taken as a whole. There is considerable variation across industries but little apparent trend. There does not appear to be an obvious effect from business method patents on the sector?s research intensity. ; This working paper supersedes Working Paper No. 07-21 and Payment Cards Center Discussion Paper No. 07-10 ; Also issued as Payment Cards Center Discussion Paper No. 08-05

Keywords: Patents; Financial services industry (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-ino, nep-ipr and nep-pr~
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Journal Article: BUSINESS METHOD PATENTS AND U.S. FINANCIAL SERVICES (2010)
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