In this paper we present a method to concatenate patent claims to their own description. By applying this method, bidirectional encoder representations from transformers (BERT) train suitable descriptions for claims. Such a trained BERT could be able to identify novelty relevant descriptions for patents. In addition, we introduce a new scoring scheme: relevance score or novelty score to interprete the output of BERT. We test the method on patent applications by training BERT on the first claims of patents and corresponding descriptions. The output is processed according to the relevance score and the results compared with the cited X documents in the search reports. The test shows that BERT score some of the cited X documents as highly relevant.

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Advanced economies are increasingly based on intangible capital. Intangible capital has at least two special characteristics compared to tangible capital. First, it can be simultaneously used to produce different goods. Second, it is less suitable as collateral for obtaining external funds than tangible capital. These features could influence monetary and macroprudential policies. Against this backdrop, we study the effects of monetary and macroprudential policies by using a dynamic stochastic general equilibrium model with intangible capital and a banking sector. In our model, sector-specific productivity shocks to tangible and intangible production have different effects on the economy, in particular on inflation and loans. In addition, the two shocks lead to different reactions of monetary and macroprudential policies. As a result, the volatility of macroeconomic variables differs across shocks and policy rules. In particular, augmented Taylor rules increase the volatility of loans after an intangible productivity shock and, from this perspective, appear to be less desirable than macroprudential rules after this type of shock. However, welfare effects of different policy rules are not qualitatively different across shocks because of similar impacts on the volatility of consumption.

Intangible capital is an increasingly important factor of production in advanced economies. Governments in Europe and elsewhere promote investment in intangible assets. However, the potential role of intangibles for business cycles and the international transmission of shocks is not well understood. In this paper, we investigate the international business cycle eects of intangible capital. To this aim, we build an otherwise standard two-country real business cycle model augmented by a production sector for intangibles and allow for the non-rivalrous use of intangible capital in the production of nal output goods and new intangibles. We nd that a model including intangibles is associated with international co-movement of tangible investment, which is a feature observed in the data that many models fail to produce.