Shifting Neighborhoods
Gentrification is a powerful force for economic change in our cities, but it is often accompanied by extreme and unnecessary cultural displacement. While gentrification increases the value of properties in [...]
Patents, Meet Napster: 3D Printing and the Digitization of Things
Digitization has reached things. This shift promises to alter the business and legal landscape for a range of industries. Digitization has already disrupted copyright-based industries and laws. As cost barriers [...]
Income Growth and the Distributional Effects of Urban Spatial Sorting
We explore the impact of rising incomes at the top of the distribution on spatial sorting patterns within large U.S. cities. We develop and quantify a spatial model of a [...]
The dark side of stress tests: Negative effects of information disclosure
This paper studies the effect of information disclosure on banks’ portfolio risk. We cast a simple banking system into a general equilibrium model with trading frictions. We find that the [...]
Risk Management in Financial Institutions
We study risk management in financial institutions using data on hedging of interest rate and foreign exchange risk. We find strong evidence that better capitalized institutions hedge more, controlling for [...]
Strategic Use of Patents: Implications for Antitrust
In this paper, we offer an economic perspective on one aspect of the IP-antitrust nexus – the ability of firms to use their IP portfolios to compete with rivals. We [...]
Changes in Preparation and Practice Patterns Among New Family Physicians
Family physicians’ scope of practice is declining despite being well prepared to provide a range of clinical services. To evaluate whether this is a new phenomenon, we compared the proportions [...]
Securitized banking and the run on repo
The panic of 2007–2008 was a run on the sale and repurchase market (the repo market), which is a very large, short-term market that provides financing for a wide range [...]
Supply, Demand and the Challenge of Local Control
The Greater Boston Housing Report Card serves as an annual assessment of housing conditions in Greater Boston and what needs to be done to meet the region’s goals for current [...]
How Do Patents Affect Research Investments?
While patent systems have been widely used both historically and internationally, there is nonetheless a tremendous amount of controversy over whether patent systems – in practice – improve the alignment [...]