What Happened to U.S. Business Dynamism?
In the past several decades, the U.S. economy has witnessed a number of striking trends that indicate a rising market concentration and a slowdown in business dynamism. In this paper, [...]
The Way Forward for Intellectual Property Internationally
IP rights have come under attack from a loose coalition of academics, nongovernmental organizations, multilateral groups, and others whose opposition threatens to undermine innovation, growth, and progress on key global [...]
Impact of financial regulations: insights from an online repository of studies
This special feature is structured as follows. First, we present the main features of a public repository of studies on the effects of bank regulations, called FRAME (Financial Regulation Assessment: [...]
Generic Drug Entry Priot to Patent Expiration
"This study examines whether the conduct that the FTC challenged represented isolated instances or is more typical, and whether the 180-day exclusivity and the 30- month stay provisions of the [...]
The New State Zoning: Land Use Preemption Amid a Housing Crisis
Commentators have long decried the pernicious effects that overly restrictive land use regulations, which stifle new development, have on housing supply and affordability, regional and national economic growth, social mobility, [...]
Disruption and credit markets
In the past 30 years, defaults on corporate bonds in the US have been substantially above the historical average. Using firm-level data, this column shows that the increase in credit [...]
Do the Poor Pay More for Housing? Exploitation, Profit and Risk in Rental Markets
This article examines tenant exploitation and landlord profit margins within residential rental markets. Defining exploitation as being overcharged relative to the market value of a property, the authors find exploitation [...]
Policy News and Stock Market Volatility
We create a newspaper-based Equity Market Volatility (EMV) tracker that moves with the VIX and with the realized volatility of returns on the S&P 500. Parsing the underlying text, we [...]
Prone to Fail: The Pre-Crisis Financial System
In this essay, I will review the key sources of fragility in the core financial system. The first section focuses on the weakly supervised balance sheets of the largest banks [...]
A Shortage of Short Sales: Explaining the Underutilization of a Foreclosure Alternative
The Great Recession led to widespread mortgage defaults, with borrowers resorting to both foreclosures and short sales to resolve their defaults. I first quantify the economic impact of foreclosures relative [...]