We Shouldn’t Count on the Fed
In March, as the COVID-19 pandemic came to a head in the United States, the Federal Reserve took action to shore up the financial sector in the face of an [...]
The Performance of Hedge Fund Performance Fees
We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around [...]
This Week in Land-Use Regulation, August 7th
News and Commentary An article by The Wall Street Journal editorial board praises the Trump Administration’s recent efforts to roll back a federal housing regulation that was meant to combat [...]
Warding Off Development: Local Control, Housing Supply and NIMBYs
Local control of land-use regulation creates a not-in-my-backyard (NIMBY) problem that can suppress housing construction, contributing to rising prices and potentially slowing economic growth. I study how increased local control [...]
Single-Family Zoning Reform: An Analysis of SB 1120
The COVID-19 pandemic has exacerbated California’s housing crisis by heightening social and economic inequalities, with disparate impact on those unable to perform their jobs. The strong likelihood of a prolonged [...]
This Week in Occupational Licensing, August 6th
Rent Check With bar examinations across the country being cancelled, held in unsafe conditions, or crashing online, it's time to reexamine the need for the exam both during COVID-19 and [...]
This Week in Financial Regulation, August 5th
News and Commentary The New York Times reports that the forthcoming stimulus bill from Senate Republicans may include a provision relaxing capital requirements on the nation's biggest banks by allowing regulatory [...]
Does Finance Benefit Society? A Language Embedding Approach
We measure popular sentiment toward finance using a computational linguistics approach applied to millions of books published in eight countries over hundreds of years. We document persistent differences in finance [...]
Crisis-Critical Intellectual Property: Findings From the COVID-19 Pandemic
A pandemic calls for large-scale action across national and international innovation systems in order to mobilize resources for developing and manufacturing crisis-critical products efficiently and in the huge quantities needed. [...]
This Week in Land-Use Regulation, July 31st
News and Commentary Emily Hamilton writes in Bloomberg CityLab about why ending single family housing isn't a silver bullet to addressing the affordable housing crisis in the U.S. She argues [...]