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- All HBS Web (608)
- Faculty Publications (136)
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- September–October 2023
- Article
The New Era of Industrial Policy Is Here
By: Willy C. Shih
Governments around the world are increasingly intervening in the private sector through industrial policies designed to help domestic sectors reach goals that markets alone are unlikely to achieve. Companies in targeted sectors—such as automakers, energy companies, and... View Details
Keywords: Policy; Government and Politics; Business and Government Relations; Research and Development; Economic Sectors
Shih, Willy C. "The New Era of Industrial Policy Is Here." Harvard Business Review 101, no. 5 (September–October 2023): 66–75.
- 21 Feb 2012
- Research & Ideas
Leadership Program for Women Targets Subtle Promotion Biases
biases, such as policies or actions that deliberately discriminate against women in hiring and promotion, have been largely wiped off the books. Second-generation biases, while unintentional, can have the same effect, blocking women from... View Details
Keywords: by Maggie Starvish
- March 2013
- Case
Currency Wars
By: Laura Alfaro and Hilary White
In February 2013, the G-20 finance ministers met in Moscow, Russia to discuss the rising anxieties over a potential international currency war. It was speculated that certain countries were purposely devaluing their currencies in order to improve their competitiveness... View Details
Keywords: Currency; Competitiveness; Trade Policy; Devaluation; Exchange Rate; Monetary Policy; Quantitative Easing; Inflation Targeting; Capital Flows; Central Banking; Currency Exchange Rate; Competitive Strategy; Emerging Markets; Policy; Trade; Conflict and Resolution; Banking Industry; Public Administration Industry; Moscow
Alfaro, Laura, and Hilary White. "Currency Wars." Harvard Business School Case 713-074, March 2013.
- December 2023
- Case
Three Decades of Cluster Policy in Catalonia: What's Next?
By: Christian H.M. Ketels
The case profiles the development of cluster-based economic development activities in Catalonia, one of Spain's most prosperous regions, over the last thirty years. It describes the evolution of these activities between 1990 and 2022 and puts these changes into the... View Details
Ketels, Christian H.M. "Three Decades of Cluster Policy in Catalonia: What's Next?" Harvard Business School Case 724-404, December 2023.
- 19 Oct 2015
- Research & Ideas
Business Research that Makes for Smarter Public Policy
to fill little gaps in the literature, and I continue to think that was excellent advice.” Just as researchers in the life sciences often target their work to tackle the most dangerous diseases, so argues Moss, social scientists can make... View Details
Keywords: by Michael Blanding
- 2020
- Chapter
Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in... View Details
Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
- June 2018
- Article
The Fed, the Bond Market, and Gradualism in Monetary Policy
By: Jeremy C. Stein and Adi Sunderam
We develop a model of monetary policy with two key features: (i) the central bank has some private information about its long-run target for the policy rate, and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy... View Details
Stein, Jeremy C., and Adi Sunderam. "The Fed, the Bond Market, and Gradualism in Monetary Policy." Journal of Finance 73, no. 3 (June 2018): 1015–1060.
- 18 Oct 2013
- Working Paper Summaries
Monetary Policy Drivers of Bond and Equity Risks
- 10 Mar 2008
- Research & Ideas
Encouraging Entrepreneurs: Lessons for Government Policy
were virtually unaffected.) These numbers should be of interest to policymakers in developed countries, Nanda says. "This goes against the conventional wisdom held in government policy circles and elsewhere that there are a large... View Details
Keywords: by Julia Hanna
- 2020
- Working Paper
Social Interactions in Pandemics: Fear, Altruism, and Reciprocity
By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
In SIR models, homogeneous or with a network structure, infection rates are assumed to be exogenous. However, individuals adjust their behavior. Using daily data for 89 cities worldwide, we document that mobility falls in response to fear, as approximated by Google... View Details
Keywords: Social Interactions; Pandemics; Mobility; Cities; SIR Networks; Social Preferences; Social Planner; Targeted Policies; Health Pandemics; Interpersonal Communication; Behavior; Policy
Alfaro, Laura, Ester Faia, Nora Lamersdorf, and Farzad Saidi. "Social Interactions in Pandemics: Fear, Altruism, and Reciprocity." NBER Working Paper Series, No. 27134, May 2020.
- Forthcoming
- Article
When Should Public Programs Be Privately Administered? Theory and Evidence from the Paycheck Protection Program
By: Alexander W. Bartik, Zoë Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton and Adi Sunderam
What happens when public resources are allocated by private companies whose objectives may be
imperfectly aligned with policy goals? We study this question in the context of the Paycheck
Protection Program (PPP), which relied on private banks to disburse aid to small... View Details
Keywords: Paycheck Protection Program; Targeting; Impact; Entrepreneurship; Health Pandemics; Small Business; Financing and Loans; Outcome or Result; United States
Bartik, Alexander W., Zoë Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton, and Adi Sunderam. "When Should Public Programs Be Privately Administered? Theory and Evidence from the Paycheck Protection Program." Review of Economics and Statistics (forthcoming).
- 2016
- Chapter
Deriving an Optimally Deceptive Policy in Two-Player Iterated Games
By: Elisabeth Paulson and Christopher Griffin
We formulate the problem of determining an optimally deceptive strategy in a repeated game framework. We assume that two players are engaged in repeated play. During an initial time period, Player 1 may deceptively train his opponent to expect a specific strategy. The... View Details
Paulson, Elisabeth, and Christopher Griffin. "Deriving an Optimally Deceptive Policy in Two-Player Iterated Games." In Proceedings of 2016 American Control Conference. IEEE Press, 2016. (Developed with Booz Allen Hamilton.)
- 2024
- Working Paper
Trade Policy in the Shadow of Conflict: The Case of Dual-use Goods
By: Maxim Alekseev and Xinyue Lin
Policymakers increasingly use trade instruments to address national security concerns. This paper studies optimal policy for dual-use goods, items with both military and civilian applications. We begin by documenting that regulation and trade flows of dual-use goods... View Details
- Article
A Prescriptive Analytics Framework for Optimal Policy Deployment Using Heterogeneous Treatment Effects
By: Edward McFowland III, Sandeep Gangarapu, Ravi Bapna and Tianshu Sun
We define a prescriptive analytics framework that addresses the needs of a constrained decision-maker facing, ex ante, unknown costs and benefits of multiple policy levers. The framework is general in nature and can be deployed in any utility maximizing context, public... View Details
Keywords: Prescriptive Analytics; Heterogeneous Treatment Effects; Optimization; Observed Rank Utility Condition (OUR); Between-treatment Heterogeneity; Machine Learning; Decision Making; Analysis; Mathematical Methods
McFowland III, Edward, Sandeep Gangarapu, Ravi Bapna, and Tianshu Sun. "A Prescriptive Analytics Framework for Optimal Policy Deployment Using Heterogeneous Treatment Effects." MIS Quarterly 45, no. 4 (December 2021): 1807–1832.
- 2023
- Working Paper
When Should Public Programs Be Privately Administered? Theory and Evidence from the Paycheck Protection Program
By: Alexander Bartik, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton and Adi Sunderam
What happens when public resources are allocated by private companies whose objectives may be
imperfectly aligned with policy goals? We study this question in the context of the Paycheck
Protection Program (PPP), which relied on private banks to disburse aid to small... View Details
Keywords: Paycheck Protection Program; Targeting; Impact; Entrepreneurship; Health Pandemics; Small Business; Financing and Loans; Outcome or Result; United States
Bartik, Alexander, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton, and Adi Sunderam. "When Should Public Programs Be Privately Administered? Theory and Evidence from the Paycheck Protection Program." Harvard Business School Working Paper, No. 21-021, August 2020. (Revised July 2023. Accepted at The Review of Economics and Statistics.)
- 2019
- Chapter
Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’
By: Huw Pill
This paper discusses whether the UK's monetary policy framework needs to be reviewed in the light of experience during and in the aftermath of the global financial crisis. It concludes that, while the inflation targeting framework has generally proved robust, the Bank... View Details
Pill, Huw. "Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’." Chap. 3 in Renewing our Monetary Vows: Open Letters to the Governor of the Bank of England, edited by Richard Barwell and Jagjit Chadha, 35–52. London: National Institute of Economic and Social Research (NIESR), 2019.
- January 2014
- Article
Randomized Tax Enforcement Messages: A Policy Tool for Improving Audit Strategies
By: Dina Pomeranz, Cristobal Marshall and Pamela Castellon
Reducing tax evasion is a key challenge for governments around the world, particularly in developing countries. This paper presents a methodology to generate information to optimize audit strategies. Randomly selected taxpayers receive a deterrence message. Comparing... View Details
Pomeranz, Dina, Cristobal Marshall, and Pamela Castellon. "Randomized Tax Enforcement Messages: A Policy Tool for Improving Audit Strategies." Tax Administration Review, no. 36 (January 2014): 1–21.
- January 2021
- Article
How Personality and Policy Predict Pandemic Behavior: Understanding Sheltering-in-Place in 55 Countries at the Onset of COVID-19
By: Friedrich M. Götz, Andrés Gvirtz, Adam D. Galinsky and Jon M. Jachimowicz
The spread of COVID-19 within any given country or community at the onset of the pandemic depended in part on the sheltering-in-place rate of its citizens. The pandemic led us to revisit one of psychology’s most fundamental and most basic questions in a high-stakes... View Details
Keywords: COVID; COVID-19; Pandemic; Shelter-in-place; Personality; Government; Interactionism; Health Pandemics; Behavior; Personal Characteristics; Policy; Governance Compliance
Götz, Friedrich M., Andrés Gvirtz, Adam D. Galinsky, and Jon M. Jachimowicz. "How Personality and Policy Predict Pandemic Behavior: Understanding Sheltering-in-Place in 55 Countries at the Onset of COVID-19." American Psychologist 76, no. 1 (January 2021): 39–49.
- 2013
- Article
Where Not to Eat? Improving Public Policy by Predicting Hygiene Inspections Using Online Reviews
By: Jun Seok Kang, Polina Kuznetsova, Yejin Choi and Michael Luca
Restaurant hygiene inspections are often cited as a success story of public disclosure. Hygiene grades influence customer decisions and serve as an accountability system for restaurants. However, cities (which are responsible for inspections) have limited resources to... View Details
Keywords: Safety; Food; Governance Compliance; Mathematical Methods; Applications and Software; Public Administration Industry; Retail Industry; Food and Beverage Industry
Kang, Jun Seok, Polina Kuznetsova, Yejin Choi, and Michael Luca. "Where Not to Eat? Improving Public Policy by Predicting Hygiene Inspections Using Online Reviews." Proceedings of the Conference on Empirical Methods in Natural Language Processing (2013): 1443–1448.
- January–February 2013
- Article
Fairness, Efficiency and Flexibility in Organ Allocation for Kidney Transplantation
By: Dimitris Bertsimas, Vivek F. Farias and Nikolaos Trichakis
We propose a scalable, data-driven method for designing national policies for the allocation of deceased donor kidneys to patients on a waiting list, in a fair and efficient way. We focus on policies that have the same form as the one currently used in the United... View Details
Keywords: Health Care Policy; Healthcare; Fairness; Resource Allocation; Policy; Health Care and Treatment; Medical Specialties; Health Industry; United States
Bertsimas, Dimitris, Vivek F. Farias, and Nikolaos Trichakis. "Fairness, Efficiency and Flexibility in Organ Allocation for Kidney Transplantation." Operations Research 61, no. 1 (January–February 2013): 73–87.