The mergers we study – hospital acquisitions of physician practices – have reshaped the $1 trillion US physician industry, nearly doubling the share of physicians working for hospitals between 2008 ...

We present a new model of competition between digital media platforms with targeted advertising. The model adds new insights around how user heterogeneity and overlap, along with user and advertiser ...

We construct new population-level linked administrative data to study households' access to credit in the United States. These data reveal large differences in credit access by race, class, and ...

We analyze the effect of California's $20 fast food minimum wage, which was enacted in September 2023 and went into effect in April 2024, on employment in the fast food sector. In unadjusted data from ...

We study the welfare consequences of choice architecture for online privacy using a field experiment that randomizes cookie ...

We examine how interbank wholesale funding shapes the transmission of interest-rate-based monetary policy in China and contributes to systemic risk. Using a bank-level quarterly panel dataset and an ...

The importweighted average tariff subsequently used by USTR to rank how protectionist are trading partners is atheoretic and misleading for this purpose. We propose and implement a theory-consistent ...

The integration of algorithmic trading with reinforcement learning, termed AI-powered trading, is transforming financial markets. Alongside the benefits, it raises concerns for collusion. This study ...

Targeting distributional impacts is gaining importance in the design of environmental policy. To achieve this, policy makers are adopting advances in air transport models to predict the benefits of ...

This paper evaluates Laffer curves produced by reforms to nonlinear income taxes, focusing on individual taxpayers. A reform puts a taxpayer on the “wrong” side of the Laffer curve if it increases ...

We develop an experimental framework to identify the belief-based and taste-based drivers of demand for Environmental, Social, and Governance (ESG) partnerships. Our study implements two symmetric ...

Optimizing state and regional physician labor supply has been an important policy issue in healthcare in the United States. One of the proposed solutions has been the universal licensing recognition ...