reference library

/reference library
reference library2018-06-08T14:23:35-07:00

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.

Prophetic Patents

Janet Freilich

SSRN

June 25, 2018

In most contexts, making up data is forbidden – considered fraudulent, even immoral. Not so in patents. Patents often contain experimental data, and it is perfectly acceptable for these experiments…
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Copyright and Creativity: Evidence from Italian Operas

Michela Giorcelli and Petra Moser

SSRN

May 19, 2019

This paper exploits variation in the adoption of copyright laws – due to idiosyncratic variation in the timing of Napoléon’s military victories – to investigate the causal effects of copyright…
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Corporate bond clawbacks as contingent capital for banks

Fernando Díaz, Gabriel G. Ramirez, and Luiling Liu

Journal of Financial Stability

August 2018

We propose a contingent clawback bond (COCLA) as an alternative source of contingent convertible capital (CoCo). We develop a utility maximization model in which a bank manager faces the following…
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Macroprudential Policy: What We’ve Learned, Don’t Know, and Need to Do

Kristin J. Forbes

AEA Papers and Proceedings

May 2019

Over the last decade, macroprudential policy has made important advances and become more widely used. We have a better understanding of its goals and tools, and are accumulating evidence that…
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The Paradoxes of Patenting: Invention and Its Diffusion in 18th- and 19th-Century Britain, France, and North America

Christine MacLeod

Technology and Culture

October 1991

This article deals with a period of transition for most patent systems in Europe and North America, from instruments of royal prerogative power to specialized and statute-based weapons of capitalist…
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Appropriating the Returns from Industrial Research and Development

Richard C. Levin, Alvin K. Klevorick, Richard R. Nelson, Sidney G. Winter

Brookings Papers on Economic Activity

1987

This paper describes the results of an inquiry into appropriability conditions in more than one hundred manufacturing industries. We discuss how this information has been and might be used to…
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The Changing Structure of American Innovation: Some Cautionary Remarks for Economic Growth

Ashish Arora, Sharon Belenzon, Andrea Patacconi, and Jungkyu Suh

NBER

May 2019

A defining feature of modern economic growth is the systematic application of science to advance technology. However, despite sustained progress in scientific knowledge, recent productivity growth in the U.S. has…
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The Spatial Mismatch Between Innovation and Joblessness

Edward L. Glaeser and Naomi Hausman

NBER

May 2019

American technological creativity is geographically concentrated in areas that are generally distant from the country’s most persistent pockets of joblessness. Could a more even spatial distribution of innovation reduce American…
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Trends in Prices of Popular Brand-Name Prescription Drugs in the United States

Nathan E. Wineinger, Yunyue Zhang, and Eric J. Topol

JAMA Network

May 31, 2019

High and continually increasing pharmaceutical drug spending is a major health and health policy concern in the United States.This economic evaluation of drug prices focuses on 49 top-selling brand-name medications…
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Is inclusionary Zoning inclusionary? A Guide for Practitioners

Heather L. Schwartz, Liisa Ecola, Kristin J. Leuschner, and Aaron Kofner

RAND Corporation

2012

Inclusionary zoning (IZ) has become an increasingly popular tool for providing affordable housing in an economically integrative manner. IZ policies typically require developers to set aside a proportion of units…
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Silver Bullet or Trojan Horse? The Effects of Inclusionary Zoning on Local Housing Markets

Jenny Schuetz, Rachel Meltzer, and Vicki Been

NYU Law School

June 9, 2008

Many local governments are adopting inclusionary zoning (IZ) as a means of producing affordable housing without direct public subsidies. In this paper, we use panel data on IZ in the…
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Gentrification, Property Tax Limitation, and Displacement

Isaac William Martin Kevin Beck

Urban Affairs Review

September 2, 2016

Scholars have long argued that gentrification may displace long-term homeowners by causing their property taxes to increase, and policy makers, including the U.S. Supreme Court, have cited this argument as…
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Housing, urban growth and inequalities: The limits to deregulation and upzoning in reducing economic and spatial inequality

Andrés Rodríguez-Pose and Michael Storper

Human Geography and Planning

May 2019

Urban economics and branches of mainstream economics – what we call the “housing as opportunity” school of thought – have been arguing that shortages of affordable housing in dense agglomerations…
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Gene Patents and Licensing Practices and Their Impact on Patient Access to Genetic Tests

Secretary’s Advisory Committee on Genetics, Health, and Society

Department of Health and Human Services

April 2010

In keeping with our mandate to provide advice on the broad range of policy issues raised by the development and use of genetic technologies as well as our charge to…
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The Uneasy Case for Software Copyrights Revisited

Pamela Samuelson

The George Washington Law Review

September 2011

Forty years ago, Justice Stephen Breyer expressed serious doubts about the economic soundness of extending copyright protection to computer programs in his seminal article, The Uneasy Case for Copyright. A…
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The Effect of House Prices on Household Borrowing: A New Approach

James Cloyne, Kilian Huber, Ethan Ilzetzki and Henrik Kleven

American Economic Review

May 2019

We investigate the effect of house prices on household borrowing using administrative mortgage data from the United Kingdom and a new empirical approach. The data contain household-level information on house…
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A Macroeconomic Model of Price Swings in the Housing Market

Carlos Garriga, Rodolfo Manuelli, and Adrian Peralta-Alva

American Economic Review

May 2019

This paper shows that a macro model with segmented financial markets can generate sizable movements in housing prices in response to changes in credit conditions. We establish theoretically that reductions…
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Interbank Connections, Contagion and Bank Distress in the Great Depression

Charles W. Calomiris, Matthew S. Jaremski, and David C. Wheelock

NBER

May 2019

Liquidity shocks transmitted through interbank connections contributed to bank distress during the Great Depression. New data on interbank connections reveal that banks were much more likely to close when their…
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Aiming for the Goal: Contribution Dynamics of Crowdfunding

Joyee Deb, Aniko Oery, and Kevin R. Williams

NBER

May 2019

We study reward-based crowdfunding campaigns, a new class of dynamic contribution games where consumption is exclusive. Two types of backers participate: buyers want to consume the product while donors just…
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Does Gentrification Displace Poor Children? New Evidence from New York City Medicaid Data

Kacie Dragan, Ingrid Ellen, and Sherry A. Glied

NBER

May 2019

The pace of gentrification has accelerated in cities across the country since 2000, and many observers fear it is displacing low-income populations from their homes and communities. We offer new…
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Why Are the Prices So Damn High?

Eric Helland and Alexander Tabarrok

Mercatus Center

May 22, 2019

Why are prices in some sectors increasing dramatically even as economy-wide technology and productivity improves? Education and healthcare are notable examples of sectors seemingly stricken by constantly rising prices. Educational…
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Communication within Banking Organizations and Small Business Lending

Ross Levine, Chen Lin, Qilin Peng, and Wensi Xie

NBER

May 2019

We investigate how communication within banks affects small business lending. Using travel time between a bank’s headquarters and its branches to proxy for the costs of communicating soft information, we…
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How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP

Joshua Abel and Andreas Fuster

Joint Center for Housing Studies of Harvard University

May 15, 2019

This paper seeks to refine our understanding of how refinancing a mortgage affects household outcomes. This issue has attracted particular attention in the wake of the Great Recession, however, there…
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Intellectual Property Law and the Right to Repair

Leah Chan Grinvald and Ofer Tur-Sinai

Fordham Law Review

May 2019

In recent years, there has been a growing push towards state legislation that would provide consumers with a “right to repair” their products. Currently 18 states have pending legislation that…
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Who Pays for Rent Control? Heterogeneous Landlord Response to San Francisco’s Rent Control Expansion

Rebecca Diamond, Tim McQuade and Franklin Qian

AEA Papers and Proceedings

May 2019

Using a 1994 law change, we exploit quasi-experimental variation in the assignment of rent control in San Francisco to study which types of landlords bear the burden of decreased rental…
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Ending Rent Control Reduced Crime in Cambridge

David H. Autor, Christopher J. Palmer and Parag A. Pathak

AEA Papers and Proceedings

May 2019

Using detailed location-specific criminal incident-level data, we find that sudden rent decontrol in Cambridge, Massachusetts in 1995 caused overall crime to fall by 16 percent—approximately 1,200 crimes annually. We estimate…
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The Effects of Second-Generation Rent Control on Land Values

Andreas Mense, Claus Michelsen and Konstantin A. Kholodilin

AEA Papers and Proceedings

May 2019

Second generation rent control seeks to prevent negative quantity effects by exempting newly built units. The artificially lowered rent in the controlled segment makes renting attractive for households that would…
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Spatial Misallocation and Rent Controls

Guillaume Chapelle, Etienne Wasmer and Pierre-Henri Bono

AEA Papers and Proceedings

May 2019

In many global cities the rental housing market is partially regulated. We document that the Paris housing market is dual: a flexible rent sector coexists with a large controlled rent…
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Housing Supply Dynamics under Rent Control: What Can Evictions Tell Us?

Brian J. Asquith

AEA Papers and Proceedings

May 2019

Measuring how rent-controlled landlords change their housing supply in response to rent increases is difficult, because new construction is automatically exempt. This paper explores evictions as a barometer for landlords’…
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Time to buy or just buying time? Lessons from October 2008 for the cross-border bailout of banks

Author name here

Publication name here

Publication date here

This paper studies the country-level reaction of bank credit default swap (“CDS”) spreads and stock prices to bailout announcements in the US and five European countries in October 2008. Bailouts…
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Banking crises and crisis dating: Disentangling shocks and policy responses

John H. Boyd, Gianni De Nicolò, and Tatiana Rodionova

Journal of Financial Stability

April 2019

We construct theory-based measures of systemic bank shocks. These measures complement banking crisis indicators employed in many empirical studies, which we show capture (lagged) policy responses to systemic bank shocks….
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Measuring contagion risk in international banking

S. Avdjiev, P. Giudici, and A. Spelta

Journal of Financial Stability

May 17th 2019

We propose a distress measure for national banking systems that incorporates not only banks’ CDS spreads, but also how they interact with the rest of the global financial system via…
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Affordable Housing and City Welfare

Jack Y Favilukis, Pierre Mabille, and Stijn Van Nieuwerburgh

Columbia Business School

April 10, 2019

Housing affordability has become the main policy challenge for most large cities in the world. Zoning, rent control, housing vouchers, and tax credits are the main levers employed by policy…
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The rise and effects of homeowners associations

Wyatt Clarke and Matthew Freedman

Journal of Urban Economics

July 2019

In the U.S., nearly 60% of recently built single-family houses, and 80% of houses in new subdivisions, are part of a homeowners association (HOA). We construct the first near-national map…
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May 2019 Financial Stability Report

Board of Governors of the Federal Reserve System

The Federal Reserve

May 2019

This report presents the Federal Reserve Board’s current assessment of the resilience of the U.S. financial system. By publishing this report, the Board intends to promote public under- standing and…
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What Insights Do Taxi Rides Offer into Federal Reserve Leakage?

David Andrew Finer

Chicago Stigler Center

March 2018

In this paper, I employ anonymous New York City yellow taxi records to infer variation in interactions between insiders of the Federal Reserve Bank of New York (New York Fed)…
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Intellectual Property in the New Technological Age: 2017 – Chapters 1 and 2

Peter S. Menell, Mark A. Lemley, Robert P. Merges

UC Berkley Law School

2017

“The 2017 Edition reflects the following principal developments: Trade Secrets: Congress passed the Defend Trade Secrets Act of 2016, one of the most momentous changes in the history of trade…
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The Patent Troll: Benign Middleman or Stick-Up Artist?

David S. Abrams, Ufuk Akcigit, Gokhan Oz, and Jeremy G. Pearce

NBER

March 2019

How do non-practicing entities (“Patent Trolls”) impact innovation and technological progress? Although this question has important implications for industrial policy, little direct evidence about it exists. This paper provides new…
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Relaxing Occupational Licensing Requirements: Analyzing Wages and Prices for a Medical Service

Morris M. Kleiner, Allison Marier, Kyoung Won Park, and Coady Wing

The Journal of Law and Economics

February 2014

Occupational licensing laws have been relaxed in a large number of U.S. states to give nurse practitioners the ability to perform more tasks without the supervision of medical doctors. We…
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PA Scope of Practice Laws

Barton Associates

Barton Associates

All PAs must practice with a collaborating physician; however, state laws dictate the extent of that relationship. This interactive guide provides an overview of PA scope of practice laws by…
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Health spending in OECD countries: obtaining value per dollar.

Gerard F. Anderson and Biance K. Frogner

Health Affairs

2018

In 2005 the United States spent $6,401 per capita on health care-more than double the per capita spending in the median Organization for Economic Cooperation and Development (OECD) country. Between…
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Advanced Practice Registered Nurses

Department of Veteran Affairs

Department of Veteran Affairs

2015

The Department of Veterans Affairs (VA) is amending its medical regulations to permit full practice authority of three roles of VA advanced practice registered nurses (APRN) when they are acting…
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Reforming Health Care Workforce Regulation

Taskforce on Health Care Workforce Regulation

Pew Health Professions Commission

December 1995

” Pew Health Professions Commission endorses the need to reform the regulatory system, the general vision articulated by the Taskforce on the future of the system, and the invitation to…
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Assessing Scope of Practice in Health Care Delivery: Critical Questions in Assuring Public Access and Safety

Federation of State Medical Boards

Federation of State Medical Boards

2005

“The Federation of State Medical Boards (the Federation) is a national non-profit association whose membership includes all medical licensing and disciplinary boards in the United States, and the U.S. territories….
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Basel III Monitoring Report

Basel Committee

Basel Committee on Banking Supervision

March 20, 2019

“This report presents the results of the Basel Committee’s latest Basel III monitoring exercise, based on data as of 30 June 2018. Through a rigorous reporting process, the Committee regularly…
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Should Law Subsidize Driving?

Gregory H. Shill

SSRN

March 1, 2019

A century ago, captains of industry and their allies in government launched a social experiment in urban America: the abandonment of mass transit in favor of a new personal technology,…
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Complexity in Large U.S. Banks

Linda Goldberg and April Meehl

Federal Reserve Bank of New York

February 2019

While both size and complexity are important for the largest U.S. bank holding companies (BHCs), specific types of complexity and their patterns across banks are not well understood. We introduce…
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Amenities, Risk, and Flood Insurance Reform

V. Kerry Smith and Ben Whitmore

NBER

February 2019

This paper provides the first, comprehensive evidence on the question of whether the subsidized flood insurance rates are needed to meet the affordability goal of the National Flood Insurance Program….
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Recovery Dynamics: An Explanation from Bank Screening and Entrepreneur Entry

Yunzhi Hu

University of Maryland

January 3, 2017

Economic recoveries can be slow, fast, or involve double dips. This paper provides an explanation based on the dynamic interactions between bank lending standards and firm entry selection. In the…
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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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The Access to Knowledge Mobilization and the New Politics of Intellectual Property

Amy Kapczynski

Yale Law Journal

2008

Intellectual Property law was once an arcane subject. Today it is at the center of some of the most highly charged political contests of our time. In recent years, college…
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State Scope of Practice Laws, Nurse-Midwifery Workforce, and Childbirth Procedures and Outcomes.

Tony Yang, Laura Attanasio, and Katy Kozhimannil

Women's Health Issues

June 2016

“Despite research indicating that health, cost, and quality of care outcomes in midwife-led maternity care are comparable with and in some case preferable to those for patients with physician-led care,…
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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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Large Bank Supervision: OCC Could Better Address Risk of Regulatory Capture

United States Government Accountability Office

United States Government Accountabilty Office

January 2019

Banking regulators such as the Office of the Comptroller of the Currency (OCC) can implement policies to address the risk of regulatory capture. The objectives of these policies include reducing…
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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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Why Low-Income Households Become Unstably Housed: Evidence From the Panel Study of Income Dynamics

Seungbeom Kang

Housing Policy Debate

February 11, 2019

Because of a severe shortage of affordable housing in the United States, an increasing number of low-income households suffer from housing instability. However, little evidence exists as to why they…
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The Effect of New Luxury Housing on Regional Housing Affordability

Evan Mast

W.E. Upjohn Institute for Employment Research

March 19, 2019

I study the short-run effect of new housing construction on housing affordability using individual address history data. Because most new construction is expensive, its effect on the market for more…
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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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Cyclicality and the Severity of the U.S. Supervisory Stress Test: 2014 to 2018

Jose Berrospide, Andrew Cohen, Ronel Elul, David Hou, Aytek Malkhozov, Marc Rodriguez, and Robert Sarama

FEDS Notes

June 07, 2019

In this study, we provide a measure of the severity of the 2014-2018 US supervisory stress tests, and examine how that severity measure has evolved. Since the passage of the…
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Mortgage Defaults

Juan Carlos Hatchondo, Leonardo Martinez, and Juan M. Sanchez

Federal Reserve Bank of St. Louis

July 2014

We present a model in which households facing income and housing-price shocks use long-term mortgages to purchase houses. Interest rates on mortgages reflect the risk of default. The model accounts…
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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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Central Bank’s Preferences and Banking Sector Vulnerability

G. Levieuge, Y. Lucotte, and F. Pradines-Jobet

Journal of Financial Stability

February 2019

According to “Schwartz’s conventional wisdom” and what has been called “divine coincidence”, price stability should imply macroeconomic and financial stability. However, in light of the global financial crisis, with monetary…
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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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Crafting Intellectual Property Rights: Implications for Patent Assertion Entities, Litigation, and Innovation

Josh Feng and Xavier Jaravel

American Economic Journal

September 13, 2016

We show that examiner-driven variation in patent rights leads to quantitatively large impacts on several patent outcomes, including patent value, citations, and litigation. Notably, Patent Assertion Entities (PAEs) overwhelmingly purchase…
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Evaluation of the Effects of Financial Regulatory Reforms on Small and Medium-Sized Enterprise (SME) Financing

Financial Stability Board

June 7, 2019

With the main elements of the G20 reforms agreed and implementation underway, an analysis of the effects of these reforms is becoming possible. To that end, the FSB developed a…
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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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Overpatented, Overpriced

i-Mak

February 2019

This report analyzes the twelve best selling drugs in the United States and reveals that drugmakers file hundreds of patent applications – the vast majority of which are granted –…
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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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Waiting for Affordable Housing in New York City

Holger Sieg and Chamna Yoon

NBER

June 2019

We develop a new dynamic equilibrium model with heterogeneous households that captures the most important frictions that arise in housing rental markets and explains the political popularity of affordable housing…
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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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Federal Reserve Structure, Economic ideas, and Monetary and Financial Policy

Michael D. Bordo

Hoover Institution Economics Working Papers

June 17, 2019

The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks…
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Does Property Ownership Lead to Participation inLocal Politics? Evidence from Property Records andMeeting Minutes

Jesse Yoder

June 25, 2019

Homeowners and renters have participated in politics at different rates throughout American history, but does becoming a property owner motivate an individual to access forms of political participation likely to…
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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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