Licensing Acquired Patents
Patents have always been licensed. Patents have always been acquired. Patents have even been acquired for the purpose of licensing new entrants. In short, there have always been secondary markets. [...]
Opening San Diego’s Door to Lower Housing Costs
The total cost of regulation amounts to about forty percent of the cost of housing across the various price segments in all of San Diego County...This study indicates that approximately [...]
Housing Market Spillovers: Evidence from the End of Rent Control in Cambridge Massachusetts
We measure the capitalization of housing market externalities into residential housing values by studying the unanticipated elimination of stringent rent controls in Cambridge, Massachusetts, in 1995. Pooling data on the [...]
Predatory Lending and the Subprime Crisis
We measure the effect of an anti-predatory pilot program (Chicago, 2006) on mortgage default rates to test whether predatory lending was a key element in fueling the subprime crisis. Under [...]
Syndicated Loan Spreads and the Composition of the Syndicate
During the past decade, non-bank institutional investors are increasingly taking larger roles in the corporate lending than they historically have played. These non-bank institutional lenders typically have higher required rates [...]
Inconsistent Regulators: Evidence From Banking
We find that regulators can implement identical rules inconsistently due to differences in their institutional design and incentives, and this behavior may adversely impact the effectiveness with which regulation is [...]
Guild-Ridden Labor Markets: The Curious Case of Occupational Licensing
This book provides a detailed, nontechnical overview of occupational licensing in the United States, China, the United Kingdom, and the European Union for students of the labor market, consumers, the [...]
Revenue, New Products, and the Evolution of Music Quality since Napster
Recorded music revenue has fallen sharply since Napster's appearance, by about 70 percent in North America and Europe, raising a serious question about the viability of continued investment in new [...]
When Walmart Comes to Town: Always Low Housing Prices? Always?
Walmart often faces strong local opposition when trying to build a new store. Opponents often claim that Walmart lowers nearby housing prices. In this study we use over one million [...]
The Boom, the Bust and the Future of Homeownership
This article investigates the boom and bust in U.S. homeownership rates over the 2000–2010 period. Using individual-level census data, we first estimate 204 homeownership regressions stratified by household age (21, [...]