Shifting Neighborhoods
Gentrification is a powerful force for economic change in our cities, but it is often accompanied by extreme and unnecessary cultural displacement. While gentrification increases the value of properties in [...]
Risk Management in Financial Institutions
We study risk management in financial institutions using data on hedging of interest rate and foreign exchange risk. We find strong evidence that better capitalized institutions hedge more, controlling for [...]
The Economic Crisis: Did Supervision Architecture and Governance Matter?
Since the mid-1990s worldwide efforts were undertaken to improve the effectiveness of financial supervision, through modifications in the architecture and governance. Did these improvements mitigate the 2008–2009 Crisis? This paper [...]
Stuck! The Law and Economics of Residential Stagnation
This Article advances two central claims. First, declining interstate mobility rates create problems for federal macroeconomic policymaking. Low rates of interstate mobility make it harder for the Federal Reserve to [...]
Bank Profitability and Financial Stability
We analyze how bank profitability impacts financial stability from both theoretical and empirical perspectives. We first develop a theoretical model of the relationship between bank profitability and financial stability by [...]
Planning an Affordable City
First, we argue in Part III.A that binding, comprehensive plans allow legislators to create “contracts” across electoral districts that are otherwise impossible when zoning proceeds through piecemeal lot-by-lot bargaining. In [...]
Good for One, Bad for All: Determinants of Individual Versus Systemic Risk
We analyze a sample of large international banks in major advanced economies and examine the impact that bank-specific factors have on an institution's solvency risk and its contribution to systemic [...]
Perspectives: Practitioners Weigh in on Drivers of Rising Housing Construction Costs in San Francisco
In this brief, we present findings from interviews and focus groups with developers, general contractors, architects and nonprofits working to build both affordable and market-rate housing in San Francisco. The [...]
Impact of State Scope of Practice Laws and Other Factors on the Practice and Supply of Primary Care Nurse Practitioners
"This project explored the effects of nurse practitioner (NP) scope of practice (SOP) legislation on the distribution and practice patterns of NPs as well as their billing practices. The goal [...]
Nurse practitioner independence, health care utilization, and health outcomes.
Many states allow nurse practitioners (NPs) to practice and prescribe drugs without physician oversight, increasing the number of autonomous primary care providers. We estimate the causal impact of NP independence [...]