reference library

/reference library
reference library2018-06-08T14:23:35+00:00

This website features a collection of links to outside resources, many of which were cited in The Captured Economy, for readers interested in learning more about regressive regulation.

To filter the reference library by topic, please use the links on a topic page or open this page on a full-size screen and use the provided menu.

The Big Con – Reassessing the “Great” Recession and its “Fix”

Laurence J. Kotlikoff

NBER

November 2018

Most economists differ, not on the causes of the Great Recession, but on their relative importance. They concur, though, on the basic problem, namely human, not market failure. This study…
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Creativity Under Fire: The Effects of Competition on Creative Production

Daniel P. Gross

NBER

September 2018

Though fundamental to innovation and essential to many industries and occupations, individual creativity has received limited attention as an economic behavior and has historically proven difficult to study. This paper…
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Who Participates in Local Government? Evidence from Meeting Minutes

Katherine Levine Einstein, Maxwell Palmer, and David Glick

Perspectives on Politics

June 29, 2018

Scholars and policymakers have identified neighborhood activism and participation as a valuable source of policy information and civic engagement. Yet, these venues may be biasing policy discussions in favor of…
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When Regulations Block Access to Oral Health Care, Children at Risk Suffer

Jane Koppelman

Pew Charitable Trusts

August 20, 2018

This brief describes a range of state-based regulations or policies that either limit or prohibit dental hygienists from sealing children’s teeth at school, or create financial burdens that work against…
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How Medical Licensing Drives Up Health Care Prices

Brink Lindsey and Steven Teles

Pro-Market

November 8, 2017

The role of licensing in driving up healthcare costs has been almost completely ignored. The apparent explanation is that nobody can imagine that there is any alternative. The obvious complexity…
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Intellectual Property Laws: Wolves in Sheep’s Clothing

Brink Lindsey and Steven Teles

Pro-Market

September 15, 2017

In the rogues’ gallery of regulatory rent-seeking, copyright and patent laws are the wolves in sheep’s clothing. According to the ingenious and highly effective rhetoric of their beneficiaries and supporters,…
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How Regulation Subsidizes Big Finance

Brink Lindsey and Steven Teles

Pro-Market

December 17, 2018

In any search for policies that slow growth and drive inequality, financial regulation is an obvious place to start. After all, the financial sector was Ground Zero for the worst…
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Excessive Zoning Makes Us Poorer and More Unequal

Brink Lindsey and Steven Teles

Pro-Market

April 30, 2018

Zoning ordinances and the like have been endemic in the United States for the better part of a century. These laws have always influenced the location of housing within a…
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From Revolving Doors to Regulatory Capture? Evidence from Patent Examiners

Haris Tabakovic and Thomas G. Wollmann

NBER

May 2018

Many regulatory agency employees are hired by the firms they regulate, creating a “revolving door” between government and the private sector. We study these transitions using detailed data from the…
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Disclosure and Subsequent Innovation: Evidence from the Patent Depository Library Program

Jeffrey L. Furman, Markus Nagler, and Martin Watzinger

NBER

May 2018

How important is information disclosure through patents for subsequent innovation? Although disclosure is regarded as essential to the functioning of the patent system, legal scholars have expressed considerable skepticism about…
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The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Quantitative Exploration

Elena Afanasyeva, Seung Jung Lee, Michele Modugno, Francisco Palomino

Board of Governors of the Federal Reserve System

October 12, 2018

With the national unemployment rate running below 4 percent, the possibility that an overheated economy could lead to financial imbalances, which in turn could generate or amplify economic distress, has…
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The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Narrative Investigation

Elena Afanasyeva, Seung Jung Lee, Michele Modugno, Francisco Palomino

Board of Governors of the Federal Reserve System

October 12, 2018

An overheated economy has the potential to lead to financial imbalances, which in turn could generate or amplify economic distress. In two complementary FEDS notes, we study the link between…
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The Fed Increases Large Banks’ Capital Requirements

Francisco Covas, Brett Waxman, and Robert Lindgren

The Clearing House

June 29, 2018

Yesterday, the Federal Reserve released the results of the 2018 Comprehensive Capital Analysis and Review (CCAR). As described in previous TCH’s posts, the 2018 results were crucially driven by the…
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How States Use Occupational Licensing to Punish Student Loan Defaults

C. Jarrett Dieterle, Shoshana Weissmann, and Garrett Watson

R Street Institute

June 2018

In recent years, college graduates have found themselves increasingly saddled with student loan debt. Even worse, many of these graduates fall behind on that debt sometimes through no fault of…
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Perspectives on Helping Low-Income Californians Afford Housing

Mac Taylor

California Legislative Analyst's Office

February 6, 2016

“California has a serious housing shortage. California’s housing costs, consequently, have been rising rapidly for decades. These high housing costs make it difficult for many Californians to find housing that…
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Why Does Credit Growth Crowd Out Economic Growth?

Stephen G. Cecchetti and Enisse Kharroubi

NBER

September 2018

We examine the negative relationship between the rate of growth in credit and the rate of growth in output per worker. Using a panel of 20 countries over 25 years,…
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Rural And Nonrural Primary Care Physician Practices Increasingly Rely On Nurse Practitioners

Hilary Barnes, Michael R. Richards, Matthew D. McHugh, and Grant Martsolf

Health Affairs

June 2018

The use of nurse practitioners (NPs) in primary care is one way to address growing patient demand and improve care delivery. However, little is known about trends in NP presence…
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How I Learned to Stop Worrying and Love Fire Sales

Pablo Kurlat

NBER

June 2018

In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations…
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Financial Globalization and the Welfare State

Assaf Razin and Efraim Sadka

NBER

June 2018

The economic link between globalization and income distribution has been rigorously studied from the perspectives of the international-trade paradigm. However, the international-trade viewpoint does not address the impact of globalization…
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Academics’ Motives, Opportunity Costs and Commercial Activities Across Fields

Wesley M. Cohen, Henry Sauermann, and Paula Stephan

June 2018

Scholarly work seeking to understand academics’ commercial activities often draws on abstract notions of the institution of science and of the representative scientist. Few scholars have examined whether and how…
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Benefits and costs of a higher bank “leverage ratio”

James R. Barth and Stephen Matteo Miller

Journal of Financial Stability

October 2018

This study reports estimates of the marginal benefits and costs of increasing the regulatory minimum bank equity-to-asset “leverage ratio” from 4 to 15 percent. Benefits arise from reducing the probability…
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Bank Resolution and the Structure of Global Banks

Patrick Bolton and Martin Oehmke

NBER

June 2018

We study the resolution of global banks by national regulators. Single-point-of-entry (SPOE) resolution, where loss-absorbing capital is shared across jurisdictions, is efficient but may not be implementable. First, when expected…
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How Many Life-Years Have New Drugs Saved? A 3-Way Fixed-Effects Analysis of 66 Diseases in 27 Countries, 2000-2013

Frank R. Lichtenberg

NBER

January 2019

“We analyze the role that the launch of new drugs has played in reducing the number of years of life lost (YLL) before 3 different ages (85, 70, and 55)…
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Does Homeownership Influence Political Behavior? Evidence from Administrative Data

Andrew B. Hall and Jesse Yoder

Stanford University

August 7, 2018

Does owning property influence how individuals engage in the political process? This is a fundamental question in political economy, and a timely one given recent interest in understanding “NIMBYism” and…
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What Happened: Financial Factors in the Great Recession

Mark Gertler and Simon Gilchrist

NBER

June 2018

Since the onset of the Great Recession, an explosion of both theoretical and empirical research has investigated how the financial crisis emerged and how it was transmitted to the real…
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Banks as Potentially Crooked Secret-Keepers

Timothy Jackson and Laurence J. Kotlikoff

NBER

June 2018

Bank failures are generally liquidity as well as solvency events. Whether it is households running on banks or banks running on banks, defunding episodes are full of drama. This theater…
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Financial structure and income inequality

Michael Brei, Giovanni Ferri, and Leonardo Gambacorta

Bank for International Settlements

November 15, 2018

This paper empirically investigates the link between financial structure and income inequality. Using data for a panel of 97 economies over the period 1989-2012, we find that the relationship is…
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Central Banking for All: A Public Option for Bank Accounts

Morgan Ricks, John Crawford, and Lev Menand

The Great Democracy Initiative

June 2018

Among the perks of being a bank is the privilege of holding an account with the central bank. Unavailable to individuals and nonbank businesses, central bank accounts pay higher interest…
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Bank Capitalization and Loan Growth

Francisco Covas

The Clearing House

December 2016

A few academic papers have recently indicated that banks with a greater amount of capital tend to lend more as a result of lower funding costs. This evidence has been…
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Neighbors’ Income, Public Goods and Well-Being

Neighbors' Income, Public Goods and Well-Being

The Review of Income and Wealth

April 6, 2018

How does neighbors’ income affect individual well-being? Our analysis is based on rich US local data from the Behavioral Risk Factor Surveillance System, which contains information on where respondents live…
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Lobbying on Regulatory Enforcement Actions: Evidence from U.S. Commercial and Savings Banks

Thomas Lambert

Management Science

January 19, 2018

This paper analyzes the relationship between bank lobbying and supervisory decisions of regulators and documents its moral hazard implications. Exploiting bank-level information on the universe of commercial and savings banks…
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Wisconsin Occupational Licensing Study Legislative Report

Wisconsin Department of Safety and Professional Services

Wisconsin Occupational Licensing Study Legislative Report

December 2018

Wisconsin issues four different types of credentials, which are: licenses, certificates, registrations, and permits. All types collectively are commonly referred to as credentials. For the purposes of this report, the…
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Estimating How Basel III Liquidity Requirements Should Affect a GSIB Surcharge

Francisco Covas and Robert Lindgren

The Clearing House

June 2018

This note proposes a recalibration of the global systemically important bank holding company (GSIB) capital surcharge that takes into account the impact of the liquidity coverage ratio (LCR) – one…
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America’s Most Diverse Mixed-Income Neighborhoods

City Observatory

June 18, 2018

These neighborhoods—which we call America’s most diverse, mixed-income neighborhoods—have high levels of racial, ethnic and income diversity. This report identifies, maps and counts the nation’s most diverse mixed-income neighborhoods. In…
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Government Guarantees and the Valuation of American Banks

Andrew G. Atkeson, Adrien d'Avernas, Andrea L. Eisfeldt, Pierre-Olivier Weill

NBER

June 2018

Banks’ ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again…
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Amenities, Affordability, and Housing Vouchers

David S. Bieri and Casey Dawkins

Journal of Regional Science

June 2018

An unprecedented surge in U.S. rental demand in the decade since the housing crisis has raised the specter of a rental affordability crisis, the brunt of which is borne by…
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Housing Wealth Effects: The Long View

Adam M. Guren, Alisdair McKay, Emi Nakamura, Jón Steinsson

NBER

June 2018

We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house…
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Did the Introduction of Fixed-Rate Federal Deposit Insurance Increase Long-Term Bank Risk-Taking?

Gayle Delong and Anthony Saunders

Journal of Financial Stability

January 2011

We investigate whether the introduction of fixed-price U.S. federal deposit insurance in 1933 increased the risk-taking of banks over the succeeding period. We examine 60 financial institutions and find that…
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The State of the Nation’s Housing 2018

Joint Center for Housing Studies of Harvard University

June 2018

As the inaugural State of the Nation’s Housing report noted, the majority of Americans were well housed in 1988, and a number of metrics point to improving conditions since then….
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Innovative startup firms and the patent system

Bronwyn Hall

VoxEU

July 19, 2018

Patent protection is assumed to benefit entrepreneurs seeking investment, because patents signal quality and are an asset that can be resold if a startup fails. This column argues that the…
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Out of Reach: The High Cost of Housing

Andrew Aurand, Dan Emmanuel, Diane Yentel, Ellen Errico, Jared Gaby-Biegel, and Emma Kerr

National Low Income Housing Coalition

June 2018

The 2018 national Housing Wage is $22.10 for a modest two-bedroom rental home and $17.90 for a modest one-bedroom rental home. Among the 50 states and the District of Columbia,…
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Who Profits from Patents? Rent-Sharing at Innovative Firms

Patrick Kline, Neviana Petkova, Heidi Williams, and Owen Zidar

NBER

November 2018

This paper analyzes how patent-induced shocks to labor productivity propagate into worker compensation using a new linkage of US patent applications to US business and worker tax records. We infer…
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‘Since You’re So Rich, You Must Be Really Smart’: Talent and the Finance Wage Premium

Michael J Böhm, Daniel Metzger, and Per Johan Strömberg

Swedish House of Finance Working Paper

June 4, 2018

Financial sector wages increased extraordinarily over the last decades. An explanation for this trend is that skill demand rose more in finance than other sectors. We use Swedish administrative data,…
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Impact of Public Sector Assumed Returns on Investment Choices

Jean-Pierre Aubry and Caroline V. Crawford

Center for Retirement Research

January 2019

Does the use of assumed investment returns to value liabilities and calculate required contributions lead public pension plans to invest more in risky assets? The analysis finds that, even after…
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Deposit Insurance Around the World: A Comprehensive Analysis and Database

Asli Demirgüç-Kunt, Edward Kane, and Luc Laeven

Journal of Financial Stability

October 2015

This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the…
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The Regressive Effects of Child-Care Regulations

Ryan Bourne

Regulation

Fall 2018

Child care in the United States is expensive, but its cost varies greatly by region. Data from Child Care Aware of America, a nonprofit that works in child-care policy, indicate…
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Leverage-Induced Fire Sales and Stock Market Crashes

Jiangze Bian, Zhiguo He, Kelly Shue, and Hao Zhou

NBER

September 2018

We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of…
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Accounting for Fannie Mae and Freddie Mac in the Federal Budget

Congressional Budget Office

September 18, 2018

Fannie Mae and Freddie Mac were originally chartered as government-sponsored enterprises (GSEs) to ensure a stable supply of credit for mortgages nationwide. They dominate the secondary (resale) market for residential…
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The Cost of Banking Regulation

Luigi Guiso, Paola Sapienza, and Luigi Zingales

NBER

August 2006

We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find…
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Annual Intellectual Property Report to Congress

United States Intellectual Property Enforcement Coordinator

Office of the President of the United States

February 2019

The United States government is taking a targeted, practical, and comprehensive approach toward addressing intellectual property policy and strategy. The goal is to ensure a level playing field for American…
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On the accuracy of alternative approaches for calibrating bank stress test models

Paul H. Kupiec

Journal of Financial Stability

August 2018

Multi-year forecasts of bank performance under stressful economic conditions determine large institution regulatory capital requirements and yet the accuracy of these forecasts is undocumented. I compare the accuracies of alternative…
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Tax Reform’s Impact on Bank and Corporate Cyclicality

Diego Aragon, Anna Kovner, Vanesa Sanchez, and Peter Van Tassel

Liberty Street Economics

July 16, 2018

The Tax Cuts and Jobs Act (TCJA) is expected to increase after-tax profits for most companies, primarily by lowering the top corporate statutory tax rate from 35 percent to 21…
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The vertical city: Rent gradients, spatial structure, and agglomeration economies

Crocker H. Liu, Stuart S. Rosenthal, and William C. Strange

Journal of Urban Economics

July 2018

Tall commercial buildings dominate city skylines. Nevertheless, despite decades of research on commercial real estate and horizontal patterns of urban development, vertical patterns have been largely ignored. We document that…
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Is Intellectual Property the Root of All Evil? Patents, Copyrights, and Inequality

Dean Baker

Center for Economic and Policy Research

October 2018

This paper raises three issues on the relationship between intellectual property and inequality. The first is a simple logical point. Patents, copyrights, and other forms of intellectual property are public…
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Financial Stability, Interest Rate Smoothing and Equilibrium Determinacy

Giorgio Di Giorgio and Zeno Rotondi

Journal of Financial Stability

January 2011

This paper examines the interaction between monetary policy and financial stability and provides an assessment of the implications of banks’ risk management practices for monetary policy. By considering the desire…
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The Misguided Beliefs of Financial Advisors

Juhani T. Linnainmaa, Brian Melzer, and Alessandro Previtero

Kelley School of Business

May 16, 2018

A common view of retail finance is that conflicts of interest contribute to the high cost of advice. Within a large sample of Canadian financial advisors and their clients, however,…
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A brief history of pharmacist prescribing in the UK

Wasim Baqir, David Miller, and Graeme Richardson

European Journal of Hospital Pharmacy

September 8, 2012

Pharmacists have been prescribing in the UK since 2003, following the success of nurse prescribing. The review of prescribing, supply and administration of medicines (the second Crown Report) in 1999…
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Improving Efficiency in the Health-Care System: Removing Anticompetitive Barriers for Advanced Practice Registered Nurses and Physician Assistants

E. Kathleen Adams and Sara Markowitz

The Hamilton Project

June 2018

In an era characterized by high levels of U.S. health-care spending and inadequate health outcomes, it is vital for policymakers to explore opportunities for enhancing productivity. Important productivity gains could…
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The Case for Preserving Costa-Hawkins: Three Ways Rent Control Reduces the Supply of Rental Housing

Kenneth T. Rosen

UC Berkeley Fisher Center

September 1, 2018

In order to highlight the significance of why this policy change would be detrimental for the California housing market, it is critical to understand the ways that rent control reduces…
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Review of State Professional and Occupational Licensure Board Requirements and Processes

Commonwealth of Pennsylvania

June 11, 2018

BPOA worked in coordination with Saint Francis University’s Knee Center for the Study of Occupational Regulation (CSOR) to compile data on regional equivalent professional and occupational licensure. The report found…
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Macroprudential margins: a new countercyclical tool?

Cian O’Neill and Nicholas Vause

Bank of England

November 9, 2018

We quantify the size of a fire-sale externality in the derivatives market in the absence of a macroprudential buffer on top of microprudential initial margin requirements. We show how this…
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When Work Moves: Job Suburbanization and Black Employment

Conrad Miller

NBER

June 2018

This paper presents evidence that job suburbanization caused significant declines in black employment from 1970 to 2000. I document that, conditional on detailed job characteristics, blacks are less likely than…
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Banks Without Parachutes: Competitive Effects of Government Bail-Out Policies

We analyze the competitive effects of government bail-out policies in two models with different degrees of transparency in the banking sector. Our main result is that bail-outs lead to higher…
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Key Attributes of Effective Resolution Regimes for Financial Institutions

Financial Stability Board

October 15, 2014

When the FSB adopted the Key Attributes in 2011 it was agreed to develop further guidance on their implementation, taking into account the need for implementation to accommodate different national…
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The Run on Repo and the Fed’s Response

Gary Gorton, Toomas Laarits, and Andrew Metrick

NBER

July 2018

The Financial Crisis began and accelerated in short-term money markets. One such market is the multi-trillion dollar sale-and-repurchase (“repo”) market, where prices show strong reactions during the crisis. The academic…
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Beyond Patents

Jeffrey Funk

Issues in Science and Technology

Summer 2018

I argue that the growing dominance of patent analysis not only fails to provide valuable and reliable insight into innovation processes, but is a smoke screen that prevents social scientists…
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The effects of housing supply restrictions on partisan geography

Jason Sorens

Political Geography

September 2018

Economists have scrutinized the effects of residential building restrictions on the cost of housing, growth, and migration in recent years. More strictly zoned states and metro areas have lost population…
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The Securities Industry in New York City

Securities industry pretax profits grew by 42 percent in 2017 on higher revenue from core activities. That momentum has carried into 2018, with profits rising by 11 percent during the…
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Intellectual property rights affect the pattern of trade

Jenny Lin and William Lincoln

VoxEU

July 6, 2018

Disagreements over intellectual property rights policies have been a major roadblock in recent trade agreement talks, and the issue has also been a pillar of critiques of globalisation. This column…
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Housing Supply Elasticity and Rent Extraction by State and Local Governments

Rebecca Diamond

Stanford Graduate School of Business

July 24, 2015

Governments may extract rent from private citizens by inflating taxes and spending on projects which benefit special interests. Using a spatial equilibrium model, I show that less elastic housing supplies…
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Financial Regulation: Still Unsettled a Decade After the Crisis

Daniel K. Tarullo

Journal of Economic Perspectives

January 2019

This article assesses the accomplishments, unfinished business, and outstanding issues in the post-crisis approach to prudential regulation. After briefly reviewing how the ongoing integration of capital markets and traditional lending…
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Luck Versus Skill in the Cross Section of Mutual Fund Returns

Eugene F. Fama and Kenneth R. French

The Journal of Finance

October 2010

The aggregate portfolio of U.S. equity mutual funds is close to the market portfolio, but the high costs of active management show up intact as lower returns to investors. Bootstrap…
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Burnout and Scope of Practice in New Family Physicians

Amanda K. H. Weidner, Robert L. Phillips, Jr, Bo Fang, and Lars E. Peterson

Annals of Family Medicine

June 2018

Family physicians report some of the highest levels of burnout, but no published work has considered whether burnout is correlated with the broad scope of care that family physicians may…
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Restoring the Rule of Law in Financial Regulation

Charles Calomiris

Cato Journal

Fall 2018

Increasingly, our regulatory structure has been adopting processes that are inconsistent with adherence to the rule of law. These process concerns are rarely voiced by academics, but that is a…
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The Same Old Song

Thomas M. Lenard and Lawrence J. White

Regulation

Summer 2018

When Spotify went public earlier this year, the company faced a $1.6 billion lawsuit alleging that it was streaming such hits as Tom Petty’s “Free Fallin’,” the Doors’ “Light My…
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Prone to Fail: The Pre-Crisis Financial System

Darrell Duffie

Journal of Economic Perspectives

December 2018

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…
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Balancing the “Zoning Budget”

David Schleicher

Yale Law School

2011

The politics of urban land use frustrate even the best intentions. A number of cities have made strong political commitments to increasing their local housing supply in the face of…
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Upzoning Chicago: Impacts of a Zoning Reform on Property Values and Housing Construction

Yonah Freemark

Urban Affairs Review

January 29, 2019

What are the local-level impacts of zoning change? I study recent Chicago upzonings that increased allowed densities and reduced parking requirements in a manner exogenous of development plans and neighborhood…
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Gentrification and pioneer businesses

Kristian Behrens, Brahim Boualam, Julien Martin, and Florian Mayneris

Centre for Economic Policy Research

November 2018

We study gentrification at a micro-geographic scale using information on residents and businesses in New York from 1990 to 2010. We exploit atypical location decisions of businesses to identify the…
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The Cost of Bank Regulatory Capital

Matthew Plosser and João A.C. Santos

Federal Reserve Bank of New York

June 2018

The Basel I Accord introduced a discontinuity in required capital for undrawn credit commitments. While banks had to set aside capital when they extended commitments with maturities in excess of…
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Do Land Use Restrictions Increase Restaurant Quality and Diversity?

Daniel Shoag and Stan Veuger

Journal of Regional Science

January 17, 2019

There is significant evidence that restrictions on residential land use reduce housing supply, increase house prices, and limit inflows of low‐income households. Local decision‐makers often argue that their efforts are…
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Supply Skepticism: Housing Supply and Affordability

Vicki Been, Ingrid Gould Ellen, and Katherine O’Regan

NYU Furman Center

November 2018

Growing numbers of affordable housing advocates and community members are questioning the premise that increasing the supply of market-rate housing will result in housing that is more affordable. This article…
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Matching in Cities

In most countries, average wages tend to be higher in larger cities. In this paper, we focus on the role played by the matching of workers to firms in explaining…
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Upzoning Chicago: Impacts of a Zoning Reform on Property Values and Housing Construction

Yonah Freemark

Urban Affairs Review

January 29, 2019

What are the local-level impacts of zoning change? I study recent Chicago upzonings that increased allowed densities and reduced parking requirements in a manner exogenous of development plans and neighborhood…
Read more

Balancing the ‘Zoning Budget’

David Schleicher

Yale Law School

2011

The politics of urban land use frustrate even the best intentions. A number of cities have made strong political commitments to increasing their local housing supply in the face of…
Read more

Balancing Priorities

National Low Income Housing Coalition

National Low Income Housing Coalition/p>

october 2018

The Low-Income Housing Tax Credit (LIHTC) is the largest national affordable housing program in the U.S. By 2030, nearly half a million current LIHTC units, or nearly a quarter of…
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The Paper Trail of Knowledge Spillovers: Evidence from Patent Interferences

Ina Ganguli, Jeffrey Lin, and Nicholas Reynolds

Federal Reserve Bank of Philidelphia

January 2019

We show evidence of localized knowledge spillovers using a new database of U.S. patent interferences terminated between 1998 and 2014. Interferences resulted when two or more independent parties submitted identical…
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Global Intellectual Property (IP) Litigation Risk Research Report

Willis Towers Watson

July 24, 2018

In the U.S. alone, an average of 12,000 intellectual property (IP) cases are filed in federal court each year; to put that into context, each year there are approximately 6,400…
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Nurse Practitioner Role Grows to More than 270,000

American Association of Nurse Practitioners

American Association of Nurse Practitioners

January 28, 2018

The American Association of Nurse Practitioners® (AANP) released both the new national nurse practitioner (NP) count and findings from its 2018 National Nurse Practitioner Sample Survey. As of January, a…
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Economics of the Pharmaceutical Industry

Darius N. Lakdawalla

Journal of Economic Literature

June 2018

The pharmaceutical industry accounts for a substantial chunk of the US economy’s research and development investments, which have resulted in significant medical breakthroughs. At the same time, the costs of…
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The Regulatory Compass: Towards a purpose-driven approach to financial regulation

The Finance Innovation Lab

July 3, 2018

We are living through a period of major political and economic uncertainty. While Brexit and new global forces reshape our economy, the rise of digital technologies could set our financial…
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Beyond the Patents-Prizes Debate

Daniel Jacob Hemel and Lisa Larrimore Ouellette

Texas Law Review

April 2013

Intellectual property scholars have vigorously debated the merits of patents versus prizes for encouraging innovation, with occasional consideration of government grants. But these are not the only options. Perhaps most…
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Addressing the Nation’s Primary Care Shortage: Advanced Practice Clinicians and Innovative Care Delivery Models

United Health Group

September 2018

Nurse practitioners (NPs), physician assistants (PAs), and certified nurse midwives (CNMs) represent a growing part of the nation’s primary care workforce. These Advanced Practice Clinicians help expand primary care capacity…
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Why Do Some Occupations Pay More than Others? Social Closure and Earnings Inequality in the United States

Kim A. Weeden

American Journal of Sociology

July 2002

This article elaborates and evaluates the neo-Weberian notion of social closure to investigate positional inequality in the United States. It argues that social and legal barriers around occupations raise the…
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Bank Risk Factors and Changing Risk Exposures: Capital Market Evidence Before and During the Financial Crisis

Wolfgang Bessler and Philipp Kurmann

Journal of Financial Stability

August 2014

We analyze the capital market assessment of bank risk factors in Europe and the United States for the 1990–2011 period. The focus is on bank stock returns in a multi-factor…
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The New Closed Shop? The Economic and Structural Effects of Occupational Licensure

Beth Redbird

American Sociological Review

2017

During the past few decades, licensure, a state-enforced mechanism for regulating occupational entry, quickly became the most prevalent form of occupational closure. Broad consensus among researchers holds that licensure creates…
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On the Constitutionality of the FHFA and the CFPB

Thomas Wade and Matthew Adams

American Action Forum

February 2019

In the wake of the financial collapse of 2008, the federal government created new regulatory bodies to oversee aspects of the financial services industry; most notably the Federal Housing Finance…
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Occupational Licensing and Accountant Quality: Evidence from the 150-Hour Rule

John Manuel Barrios

Becker-Friedman Institute for Research in Economics

May 2018

I examine the effects of mandatory occupational licensure on the quality of Certified Public Accountants (CPAs) using the staggered state-level adoption of the 150-hour Rule (the Rule). Although the Rule…
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Principles on Bail-In Execution

Financial Stability Board

November 30, 2017

Bail-in within resolution is a core part of resolution strategies of global systemically important banks (G-SIBs). It refers to the write-down and/or conversion of liabilities into equity and helps implement…
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When Losses Turn Into Loans: The Cost of Undercapitalized Banks

Luísa Farinha and Francisco Rebelo

Stanford University Graduate School of Business

June 28, 2018

We provide evidence that a weak banking sector contributed to low productivity following the European debt crisis. An unexpected increase in capital requirements provides a natural experiment to study the…
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