Do the Rich and Poor Colocate in Large Cities?
This paper focuses on colocation rather than segregation in the context of Japanese large cities. Using the time cost of commuting from traditional urban economic theory, we analyze how different [...]
Evaluating the Demsetzian Trend in Copyright Law
Copyright law provides an excellent case study with which to study and evaluate Harold Demsetz's theory of property rights. Regardless of how one feels about the relationship between property and [...]
Economic Consequences of Housing Speculation
By exploiting variation in state capital gains taxation as an instrument, we analyze the economic consequences of housing speculation during the U.S. housing boom in the 2000s. We find that [...]
The Economics of Supranational Bank Supervision
We document large variation in the propensity and the intensity in which countries cooperate in the supervision of banks. We show that these variations can be linked to differences in [...]
Intellectual Property Rights and Foreign Direct Investment: A Welfare Analysis
This paper examines how intellectual property rights (IPR) protection affects innovation and foreign direct investment (FDI) using a North–South quality-ladder model incorporating the exogenous and costless imitation of technology and [...]
International Trade Finance From the Origins to the Present: Market Structures, Regulation, and Governance
We describe how the structure and governance of international trade finance - the oldest domain of international finance- evolved from the Middle Ages until today. Trade finance products initially consisted [...]
Housing Booms and Local Spending
This paper examines how local governments adjust their spending in response to a temporary revenue windfall generated by a housing boom. We focus on Spanish local governments because of the [...]
The Economic Geography of Innovation
This paper outlines a quantitative global multi-region model to assess the importance of country-level investment incentives towards innovation at the level of 5,633 regions of heterogeneous size. While incentives vary [...]
Skin or Skim? Inside Investment and Hedge Fund Performance
Hedge fund managers contribute substantial personal capital, or "skin in the game," into their funds. While these allocations may better align incentives, managers may also strategically allocate their private capital [...]
The Open-Endedness of Macroprudential Policy. Endogenous Risks as an Obstacle to Countercyclical Financial Regulation
After the global financial crisis of 2007–9, policymakers hailed macroprudential policy as the solution to financial markets’ boom-bust patterns. Financial regulations would have to operate countercyclically, increasing in stringency during [...]