Results

Blog

LSE Business Review:

ChatGPT or Zoom - which broke the career ladder?

Entry-level hiring has fallen sharply across white-collar work. An emerging explanation has been that generative AI is to blame. Drawing on their new study of hundreds of millions of hires and job adverts, Peter John Lam...Read more...

CEP discussion paper

Is data privacy a losing game? Evidence from Apple's App Tracking Transparency (ATT) policy

We study the impact of Apple's App Tracking Transparency (ATT) policy, which requires apps to obtain explicit user permission before cross-app tracking, on the mobile gaming industry. Using SensorTower US data on the top...Read more...

Blog

The Economics Show with Soumaya Keynes (podcast):

Will AI solve the productivity puzzle? With Nick Bloom

Productivity has been a problem for the past 15 years. In developed countries, weak demand, a lack of competition and a paucity of new ideas have all been blamed. Could AI finally reverse that trend? Soumaya speaks to St...Read more...

Blog

Project Syndicate:

Silicon, Not Software, Will Decide the AI Race

The AI race is no longer just about building better models. As competition shifts from scientific discovery to deployment, success increasingly depends on computing power, advanced semiconductors, physical infrastructure...Read more...

Blog

LSE Management:

How America out-deindustrialised Europe

Despite the prevailing narrative of Western deindustrialisation as one of a rigid Europe and a dynamic America, Richard Baldwin, Saul Estrin, and Bob Hancke argue that the comparison of the EU with the US turns this narr...Read more...

Journal article

Journal of Industrial Economics:

Asymmetric pass-through and competition

We study the retail price pass-through of four major tax changes in petroleum products using daily pricing data from gas stations on small Greek islands. We find that (i) the pass-through of the tax hikes is five times h...Read more...

Blog

Polytechnique Insights:

Europe is falling behind, can it pick up the pace when it comes to innovation?

Philippe Aghion writes for Polytechnique Insights on how Europe must prepare its own AI strategy if it wishes to make up ground lost to the U.S. in terms of GDP per capita, productivity and disruptive innovations....Read more...

Journal article

Review of Economics and Statistics:

Managing export complexity: the role of service outsourcing

As manufacturing firms expand globally, business services such as advertising and legal support become essential for entering new markets. Exploiting exogenous demand shocks, we document that French manufacturers increas...Read more...

CEP discussion paper

Counting the costs: a quantitative assessment of Brexit?s effect on UK regional economies

This paper examines the implications of the EU-UK Trade and Cooperation Agreement (TCA) using a dynamic spatial general equilibrium model. Unlike previous studies that primarily projected potential impacts of Brexit base...Read more...

CEP discussion paper

Mind the break-up: when policy disrupts firms' supply chains

This paper examines how policy-induced supply-chain shocks affect firms? performances, using the UK-EU Trade and Cooperation Agreement (TCA) as a source of exogenous variation. Using UK microdata on firm-level goods and ...Read more...

CEP discussion paper

The civil war reduced slave owners' economic power but increased their political influence

Did Southern elites? economic losses from abolition translate into diminished political influence? Using novel census-linked data on state lawmakers across four slave owning and two Northern states (1850?1880), we docume...Read more...

CEP discussion paper

Sentencing severity, victim behaviour, and the prevention of domestic violence

Can harsher criminal sanctions reduce violence inside intimate relationships? We study Brazil?s 2015 Femicide Law, which reclassified femicide as a heinous crime and raised expected penalties for gender-based killings. U...Read more...

Blog

Federal Reserve Bank of Atlanta:

How Much Are Firms Spending on AI (and What Will Happen to Headcounts)?

Nicholas Bloom and his co-authors investigate AI adoption in firms to understand how much companies are spending on AI and what the impact will be on the composition of their workforces....Read more...

Blog

University of Oxford:

Expert Comment: The firms racing to replace people with AI will be the first to fall

Jan-Emmanuel De Neve, Professor of Economics and Behavioural Science at Oxford's Sa??d Business School and CEP Associate, argues that companies racing to replace staff with AI risk hollowing out their own future....Read more...

Blog

Transform work:

Transform work with Raffaella Sadun, Professor of Business Administration at Harvard Business School (podcast)

Raffaella's work sits at the intersection of economics, leadership, and the future of work. Drawing on large-scale data and real-world field experiments inside major companies, she explores how hybrid work is reshaping l...Read more...

Blog

The Conversation UK:

Electric vehicles pass tipping point, breaking the link with oil prices

When the Strait of Hormuz first closed in March and oil hit US$120 a barrel, a very old question came back: is this finally the moment electric vehicles take off for good - or just another false start? EVs have been here...Read more...

Journal article

The Economic Journal:

Train to opportunity: the effect of infrastructure on intergenerational mobility

Can transport infrastructure expand long-term labour opportunities and weaken the occupational link between parents and children? We estimate the causal effect of railway access on occupational attainment and intergenera...Read more...

Blog

Vox EU:

When and why political leaders polarise rhetoric: Evidence from Twitter/X

Standard theories of electoral competition predict that politicians should converge toward the centre as elections approach. This column challenges this prediction, using 3.4 million tweets from 367 political leaders acr...Read more...

CEP discussion paper

Cocaine goes bananas: global spillovers from an illicit supply shock

We study how a sharp expansion in Colombian cocaine production propagated internationally through global trade networks, generating substantial social costs. In Colombia, the production surge increased homicide rates by ...Read more...

CEP discussion paper

Technology spillovers, diffusion and rivalry in firm networks

We examine how upstream firms' technology adoption affects the performance and adoption decisions of downstream partners. Using business-to-business data with administrative records on advanced technology adoption, we fi...Read more...

CEP discussion paper

The economics of tariffs

A central insight from neoclassical economics is that international trade operates like an improvement in production technology. It generates mutual aggregate welfare gains for countries as a whole, but creates winners a...Read more...

Journal article

American Economic Journal: Economic Policy:

Sweeping up gangs: the effects of tough-on-crime policies from a network approach

Globally, gang proliferation is fought primarily through sweeps. This paper uses a difference-in-differences strategy to examine their causal impact on crime for arrested individuals and their peers. Analysis focuses on ...Read more...

Journal article

The Review of Economics and Statistics:

Access to guns in the heat of the moment: more restrictive gun laws mitigate the effect of temperature on violence

Gun violence is a major problem in the United States, and extensive prior work has shown that higher temperatures increase violent behavior. We consider whether restricting the concealed carry of firearms mitigates or ex...Read more...

Journal article

SERIEs:

Paternity leave in Spain

Between 2017 and 2021, Spain progressively extended paternity leave from 2 to 16 weeks, equalizing it with maternity leave and introducing mandatory weeks. A 2018 reform also allowed fathers to split their leave. Using a...Read more...

CentrePiece article

Peace and the pope

How do public speeches by global leaders affect conflict?...Read more...

Chapter

Labour markets and the future of work

in The London Consensus

New technologies are causing a restructuring of labour markets in many countries. While much has been written on how these technologies may destroy jobs, this chapter argues that they do not threaten the end of work but ...Read more...

Journal article

The Energy Journal:

Natural gas vehicles: consequences for fuel markets and the environment

Policies to adopt cleaner fuels have become increasingly important, but their impacts on incumbent fuel prices and resulting greenhouse gas emissions remain unclear. We use a panel dataset on weekly prices at the gas sta...Read more...

Journal article

Canadian Journal of Economics:

Evaluating the impact of export finance support on firm-level export performance: evidence from Pakistan

This paper evaluates the impact of two large export finance support schemes on firm-level export performance. The Export Finance Scheme (EFS) and the Long-Term Finance Facility for Plant & Machinery (LTFF) provide loans ...Read more...

Journal article

Review of Economic Studies:

Temporal-difference estimation of dynamic discrete choice models

We study the use of Temporal-Difference learning for estimating the structural parameters in dynamic discrete choice models. Our algorithms are based on the conditional choice probability approach but use functional appr...Read more...

Chapter

Immigration, diversity and innovation in cities and regions

in A Research Agenda for Migration and Innovation

This chapter investigates the interplay between immigrant diversity and innovation, emphasizing the urban and regional dimensions where these effects are most pronounced. Cities and urban areas are pivotal to the generat...Read more...

Journal article

American Economic Review:

Monopsony and employer misoptimization explain why wages bunch at round numbers

We show that administrative hourly wage data exhibit considerable bunching at round numbers. We run two experiments randomizing wages around $0.10 and $1.00 to experimentally measure left-digit bias for identical tasks o...Read more...

Journal article

American Economic Journal: Economic Policy:

The making of civic virtues: a school-based experiment in three countries

This paper shows that schools can foster the transmission of civic virtues by helping students to develop concrete, democratically chosen, collective projects. We draw on a RCT implemented in 200 middle schools in three ...Read more...

External report

Innovation in Green Technologies

Demand for cleaner, more efficient technologies is transforming global markets and with it, the geography of innovation. Over the last 15 years, markets for new energy technologies and climate resilience have outpaced gr...Read more...

Journal article

The Economic Journal:

Monopsony and the wage effects of migration

If labour markets are competitive, migration can only affect native wages via marginal products. But under imperfect competition, migration may also increase wage mark-downs ? if firms have greater monopsony power over m...Read more...

External report

Strengthening Monitoring and Evaluation of Innovation Programs in the EU : Creating Ecosystems for Innovation in a Post-Coal Region Evidence from an RCT in the Czech Republic (English)

The Usti nad Labem and Karlovy Vary regions face persistent structural challenges as they transition away from coal-based industries. In response to these challenges, national and EU institutions have launched a coordina...Read more...

CEP discussion paper

Management and firm dynamism

We show better-managed firms are more dynamic in plant acquisitions, disposals, openings and closings in U.S. Census and international data. Better-managed firms also birth better-managed plants and improve the performan...Read more...

CEP discussion paper

Dear brothers and sisters: Pope's speeches and the dynamics of conflict in Africa

Public speeches by leaders can serve as a cost-effective tool for fostering peace, yet their effectiveness remains uncertain, particularly in divided societies experiencing violent conflict. This paper examines the impac...Read more...

Journal article

American Economic Review:

Fighting climate change: international attitudes toward climate policies

This paper explores global perceptions and understanding of climate change and policies, examining factors that influence support for climate action and the impact of different types of information. We conduct large-scal...Read more...

Journal article

The Economic Journal:

Employer screening and optimal unemployment insurance

Field experiments show that employers are less likely to consider long-term unemployed job-seekers for interviews. We study the implications for optimal unemployment insurance (UI). Based on a structural model of job sea...Read more...

Blog

Bruegel:

Pitfalls to avoid as the EU ramps up defence investment

The European Union's push to rearm in the face of growing external threats and the increasing disengagement of the United States has, so far, been primarily a push to spend more on defence and to find ways to facilitate ...Read more...

Journal article

LSE Public Policy Review:

Explaining variation in child penalties: the role of gender norms and policies

This paper contributes to understanding global variation in child and marriage penalties by focusing on the role of patriarchal control, gender norms, and public policies. We introduce a new measure of gender norms, the ...Read more...

Government consultation

Education committee - Further education and skills

The further education sector is currently navigating a series of reforms and challenges. In this inquiry the Education Committee will explore these issues and other pressures currently facing the further education sector...Read more...

Blog

Vox EU:

Income, wealth, and environmental inequality in the US

Economic disparities have long been suspected to be a root cause of environmental inequality. But is this really the case? This column links data on income and wealth with data on air pollution exposure over 40 years to ...Read more...

Blog

Vox EU:

The price of power: Why rising markups hurt innovation and widen inequality

Over the past four decades, the US has seen rising market power, slowing productivity growth, and deepening wealth inequality. This column explores how declining competition may be the common culprit. Weak competition le...Read more...

Journal article

Climate Policy:

Policing carbon markets

Carbon markets have emerged in recent decades as one of the most important tools for curbing industrial greenhouse gas emissions, but they present a number of novel enforcement challenges as compared to more conventional...Read more...

Journal article

American Economic Review: Insights:

Induced innovation, inventors, and the energy transition

We study how individual inventors respond to incentives to work on ?clean? electricity technologies. Using natural gas price variation, we estimate output and entry elasticities of inventors and measure the medium-term i...Read more...

Journal article

Journal of Human Resources :

Where versus what: college value-added and returns to field of study in further education

We use administrative records on educational and labor market trajectories to estimate the value-added of English further education colleges in terms of educational and labor market outcomes and earnings returns to diffe...Read more...

Blog

What works centre for local economic growth:

Do cities and regions gain from public sector relocation?

In this guest blog, Dr. Max Nathan, Henry Overman, Capucine Riom, and Maria Sanchez-Vidal set out evidence on the impact of BBC (partial) relocation to Salford on wider employment in the area. This blog was originally pu...Read more...

Journal article

Journal of the European Economic Association:

Labor unions and the electoral consequences of trade liberalization

We show that the Brazilian trade liberalization in the early 1990s led to a permanent relative decline in the vote share of left-wing presidential candidates in the regions more affected by the tariff cuts. This happened...Read more...

Journal article

The Economic Journal:

Judge dread: Court severity, repossession risk and demand in mortgage and housing markets

We study the impact of borrower protection on mortgage and housing demand using variation in the likelihood that houses are repossessed coming from heterogeneity in preferences of local judges. We develop a framework tha...Read more...

Journal article

Industrial and Corporate Change:

More or the same? Radical, disruptive, discontinuous, and breakthrough innovation

This paper addresses the conceptual ambiguity in the literature on exceptional innovations, labeled ?radical,? ?disruptive,? ?breakthrough,? or ?discontinuous.? A bibliometric analysis of 4407 articles shows that differe...Read more...

Journal article

International Journal of Microsimulation:

Social distress and (some) relief: estimating the impact of pandemic job loss on poverty in South Africa

Up-to-date, nationally representative household income/expenditure data are crucial for estimating poverty during the Covid-19 pandemic and to policy-making more broadly, but many developing countries lack such data. We ...Read more...

Blog

Vox EU:

What impact have trade sanctions had on Russia? (Podcast)

Recorded at the CEPR Paris Symposium. How effective have the trade sanctions imposed on Russia in 2022 been? Politically, they were comprehensive and quick. But anecdotal reporting has suggested that Russian firms that w...Read more...

Journal article

Journal of Economic Perspectives:

A practical guide to shift-share instruments

A recent econometric literature shows two distinct paths for identification with shift-share instruments, leveraging either many exogenous shifts or exogenous shares. We present the core logic of both paths and practical...Read more...

Journal article

American Economic Journal: Applied Economics:

Do carbon offsets offset carbon?

We develop and implement a new method for identifying wasted subsidies and use it to provide systematic evidence of the misallocation of carbon offsets in the Clean Development Mechanism - the world's largest carbon offs...Read more...

Journal article

American Economic Review:

Five facts about MPCs: evidence from a randomized experiment

We present five facts from an experiment on the marginal propensity to consume (MPC) out of transitory transfers: (1) the one-month MPC on a cash-like transfer is 23 percent; (2) it is substantially higher (61 percent) o...Read more...

CEP discussion paper

The perfect match: assortative matching in mergers and acquisitions

We interpret M&A deals in Western Europe during the 2010s as the equilibrium of a matching model. Merger surplus arises from complementarities between multiple firm pre-merger characteristics. Large, productive firms pre...Read more...

Journal article

Oxford Review of Economic Policy:

Ethnic minority and migrant pay gaps over the life-cycle

It is well-known that ethnic minority and migrant workers have lower average pay than the White UK-born workforce. However, we know much less about how these gaps vary over the life-cycle because of data limitations. We ...Read more...

Blog

Imperial College Business School:

What's holding back the green transition?

New research from Imperial College Business School reveals what's stopping businesses from taking action to protect our overheated planet....Read more...

CEP discussion paper

Job displacement, remarriage and marital sorting

We investigate how job displacement affects whom men marry and study implications for marriage market matching theory. Leveraging quasi-experimental variation from Danish establishment closures, we show that job displace...Read more...

Blog

Vox EU:

Distance from innovation is a barrier to the adoption of artificial intelligence

While distance may seem unimportant in the face of technological progress in transportation and communication, several studies have found that distance is a barrier to the diffusion of inventive activity and technology a...Read more...

CentrePiece article

in brief... Designing carbon markets that deliver change

Ever since the European Union created its market-based carbon policy, governments and businesses have been keen to assess its impact. Jonathan Colmer, Ralf Martin, Mirabelle Muuls and Ulrich Wagner explain why analysing ...Read more...

CentrePiece article

Spending public money to create happier lives

Choosing policies that most improve wellbeing would radically change government priorities. David Frayman, Christian Krekel, Richard Layard, Sara MacLennan and Isaac Parkes explain the science behind the new approach....Read more...

CEP discussion paper

A political disconnect? Evidence from voting on EU trade agreements

We study votes of Members of the European Parliament (MEPs) on the approval of free trade agreements (FTAs). Against widespread Eurosceptic arguments, we find that MEPs are responsive to the interests of their electorate...Read more...

Blog

Promarket:

Does Domestic Competition Help EU Firms Compete Abroad?

In a survey of nearly 400 European firms that export abroad, Elena Argentesi, Livia De Simone, Stephan Paetz, Vincenzo Scrutinio find that most firms believe that competition forces them to produce cheaper and higher qua...Read more...

Journal article

American Economic Journal: Macroeconomics:

International friends and enemies

We examine whether, as countries become more economically dependent on a trade partner, they realign politically toward that trade partner. We use network measures of economic exposure to foreign productivity growth deri...Read more...

Blog

LSE Business Review:

Education makes women, not men, more likely to have children

Given the wide-ranging consequences of declining fertility rates, academics and policymakers around the world are increasingly interested in understanding what influences men's and women's decision to start a family. Han...Read more...

Blog

Vox EU:

Global environmental cooperation and innovation

In the ongoing debate on climate change, one of the most pressing challenges is fostering effective international cooperation. This column examines the success of the 1987 'Montreal Protocol' in phasing out harmful chlor...Read more...

CEP report

Value for money: How to improve wellbeing and reduce misery

The government spends billions on our behalf. How do we want this money to be spent? This report reviews a range of policies and asks the fundamental question which should be asked of every policy: Does it deliver value ...Read more...

Journal article

Journal of Economic Literature:

Temporary employment in markets with frictions

Temporary employment has spiked in OECD countries over the last 40 years and is now a common feature of their labor market landscape. A large body of empirical literature examines the spread of temporary employment, but ...Read more...

Chapter

Individual wellbeing and cortisol

in Encyclopedia of Happiness, Quality of Life and Subjective Wellbeing

The variety and the number of ways of measuring individual wellbeing has increased over the past two decades. In addition to all self-reported measures, researchers also consider a wide variety of objectively-measured in...Read more...

CEP discussion paper

Asymmetric pass-through and competition

We study the retail price pass-through of four major tax changes in petroleum products using daily pricing data from gas stations on small Greek islands. We find that (i) the pass-through of the tax hikes is five times h...Read more...

CEP discussion paper

Evaluating the impact of export finance support on firm-level export performance: evidence from Pakistan

This paper evaluates the impact of two large export finance support schemes on firm-level export performance. The Export Finance Scheme (EFS) and the Long-Term Finance Facility for Plant & Machinery (LTFF), provide loans...Read more...

Blog

Grantham Research Institute on Climate Change and the Environment:

Harnessing the UK's strengths for green growth

Esin Serin and Pia Andres set out evidence on the UK's sectoral and technological strengths to assist policymakers as they consider how to allocate support across the economy in a way that maximises green growth opportun...Read more...

CEP discussion paper

When trade drives markup divergence: an application to auto markets

When firms sell in multiple markets, estimates of markups from the demand-side will generally diverge from estimates based on the supply-side (e.g. via production functions). The empirical examination of the importance o...Read more...

CEP discussion paper

Firm heterogeneity and imperfect competition in global production networks

How do production networks and market structure interact to shape the effects of trade and competition policy? We develop a model with two-sided firm heterogeneity, matching frictions, and imperfect supplier competition....Read more...

Journal article

Oxford Open Economics:

Labour market inequality

Wage and earnings inequality has been on the rise in the United Kingdom (UK) since the late 1970s/early 1980s, and with faster increases than comparator countries, it is now one of the countries with the highest levels o...Read more...

Blog

Imperial College Business School:

Do carbon markets work?

Ever since the EU created its market-based carbon policy, governments and businesses have been keen to see an impact. But analysing how effective policies can be on a noisy economic and global stage is complex - and hard...Read more...

Journal article

Behavioural Public Policy:

Affective paternalism

Many decisions are curated, incentivised or nudged by a third party. Despite this, only a handful of studies have looked at paternalistic decision-makers and the psychological processes by which they arrive at their deci...Read more...

Journal article

The Review of Economic Studies:

Does pricing carbon mitigate climate change? Firm-level evidence from the European Union Emissions Trading System

In theory, market-based regulatory instruments correct market failures at least cost. However, evidence on their efficacy remains scarce. Using administrative data, we estimate that, on average, the European Union Emissi...Read more...

Journal article

AEA Papers and Proceedings:

The linear algebra of economic geography models

We provide sufficient statistics for nominal and real wage exposure to productivity shocks in a constant elasticity economic geography model. These exposure measures summarize the first-order general equilibrium elastici...Read more...

Journal article

American Economic Journal: Microeconomics:

Technology transfer in global value chains

Global value chains create opportunities for North-South technology diffusion. This paper studies technology transfer in value chains when contracts are incomplete and input production technologies are imperfectly exclud...Read more...

CEP discussion paper

Accounting for the evolution of China's production and trade patterns

This paper studies the evolution of China's production and trade patterns during its integration into the global economy. We document and explain new facts concerning changes in production and exports at the industry and...Read more...

Journal article

The Economic Journal:

Taking back control? Quasi-experimental evidence on the impact of retirement on locus of control

We use Australian panel data to examine the impact of retirement on individual locus of control, a socio-emotional skill with substantial explanatory power for a broad range of life outcomes. Exploiting the eligibility a...Read more...

Journal article

Cambridge Journal of Evidence-Based Policing:

Can social media reach isolated domestic abuse victims? Evidence from a randomized control trial during the Covid-19 lockdown

Research Questions Can social media reach isolated domestic abuse victims? Secondly, does providing victims with more information and a safer means of contacting police change their likelihood of domestic abuse reporting...Read more...

Journal article

American Economic Review:

When tariffs disrupt global supply chains

We study unanticipated tariffs in a setting with firm-to-firm supply relationships. Firms conduct costly searches and negotiate with potential suppliers that pass a reservation level of match productivity. Global supply ...Read more...

Journal article

Journal of Labor Economics:

The employment and distributional impacts of Nationwide Minimum Wage changes

We estimate the effect of the introduction of the UK?s National Living Wage in 2016, and increases in it up to 2019, using a new empirical method. We apply a bunching approach to a setting with no geographical variation ...Read more...

Journal article

American Economic Journal: Applied Economics:

Measuring absolute income mobility: lessons from North America and Europe

We use linked parent-child administrative data for five countries in North America and Europe, as well as detailed survey data for two more, to investigate methodological challenges in the estimation of absolute income m...Read more...

Journal article

Journal of the European Economic Association :

Formation of college plans: expected returns, preferences and adjustment process

We exploit a large exogenous shock to study the formation, and updating, of educational plans, and to examine how these plans ultimately impact later educational attainment. Using novel, longitudinal, microdata on cohort...Read more...

Journal article

The Economic Journal:

Immigration, female labour supply and local cultural norms

We study the local evolution of female labour supply and cultural norms in West Germany in reaction to the sudden presence of East Germans who migrated to the West after reunification. These migrants grew up with high ra...Read more...

Journal article

The Economic Journal:

Commuting for crime

People care about crime, with the spatial distribution of both actual and perceived crime affecting the amenities from living in different areas and residential decisions. The literature finds that crime tends to happen ...Read more...

Chapter

Women's representation and the gender pay gap: rank, institutional research intensity and ethnicity in UK business schools

in Research Handbook on Inequalities and Work

We employ a multi-faceted framework to explore the importance of women's representation to the gender pay gap (GPG) in all UK business schools to analyse an authoritative and complete administrative sample from the Highe...Read more...

Government consultation

Business and Trade Committee

Has the UK lost its competitive edge in the global economy? What advantages does it possess, and how can these be exploited for economic growth? The Business and Trade Committee considers these questions as it continues ...Read more...

Journal article

The Review of Economic Studies:

Using disasters to estimate the impact of uncertainty

Uncertainty rises in recessions and falls in booms. But what is the causal relationship? We construct cross-country panel data on stock market returns to proxy for first- and second-moment shocks and instrument these wit...Read more...

Journal article

The Economic Journal:

How polarised are citizens? Measuring ideology from the ground-up

We investigate whether the ideological polarisation of citizens has increased in Western democracies. We propose a novel methodology to identify individual ideologies by applying Latent Dirichlet Allocation to political ...Read more...

Journal article

Journal of the European Economic Association:

Come together: firm boundaries and delegation

We jointly study firm boundaries and the allocation of decision rights within them by confronting an incomplete-contracts model with data on vertical integration and delegation for thousands of firms around the world. In...Read more...

Journal article

American Economic Journal: Economic Policy :

Local retail prices, product variety, and neighborhood change

We study how local grocery markets within a city are affected by changes in housing markets. Our empirical strategy exploits a shift in the spatial distribution of construction activity induced by a large-scale, place-ba...Read more...

Journal article

PLoS ONE :

Access to digital finance: Equity crowdfunding across countries and platforms

Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding ...Read more...

Blog

Vox EU:

Unravelling the complexities of sanctions

Sanctions have become a linchpin of foreign policy. But as they have grown more complex, understanding their true impact on targeted economies has become increasingly difficult, and evidence of their firm-level effects i...Read more...

Journal article

The Review of Economic Studies:

A theory of falling growth and rising rents

Growth has fallen in the U.S. amid a rise in firm concentration. Market share has shifted to low labour share firms, while within-firm labour shares have actually risen. We propose a theory linking these trends in which ...Read more...