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  • 2022
  • Working Paper

Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register

By: Laura Alfaro, Ester Faia and Camelia Minoiu
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show... View Details
Keywords: Monetary Policy Transmission; Inequity; Credit Registry; Wealth; Collateral Channel; Selection; Racial Disparity; Racial Inequality; Equality and Inequality; Banks and Banking; Credit; Governing Rules, Regulations, and Reforms; Banking Industry; United States
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  • 03 Mar 2009
  • First Look

First Look: March 3, 2009

merchants petitioned shogun Tokugawa Yoshimune to officially authorize trade in rice futures at the Dojima Exchange, the world's first organized (but unsanctioned) futures market. For many years, the Japanese government had prohibited the... View Details
Keywords: Martha Lagace
  • 18 Sep 2006
  • Research & Ideas

When Words Get in the Way: The Failure of Fiscal Language

Does the federal deficit matter? Oceans of ink track and report this monster tally (current estimates for fiscal year 2006 stand at $260 billion), yet Jerry Green of Harvard Business School and Laurence J. Kotlikoff of Boston University... View Details
Keywords: by Julia Hanna
  • 2024
  • Working Paper

Product Liability Litigation and Innovation: Evidence from Medical Devices

By: Alberto Galasso and Hong Luo
We examine the relationship between product liability litigation and innovation by systematically combining data on product liability lawsuits with data on new product introductions in a panel dataset of leading medical device firms. We first document a decline in... View Details
Keywords: Lawsuits and Litigation; Product Development; Technological Innovation; Safety; Governing Rules, Regulations, and Reforms; Medical Devices and Supplies Industry
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  • 2019
  • Article

Pay-for-Monopoly?: An Assessment of Reverse Payment Deals by Pharmaceutical Companies

By: Sana Rafiq and Max Bazerman
Abstract Over the past eighteen years, pharmaceutical firms have developed a blueprint to impede competition in order to maintain their monopoly profits. This scheme, termed pay-for-delay, involves direct or indirect payment of money from a branded-drug manufacturer... View Details
Keywords: Monopoly; Policy; Competition; Agreements and Arrangements; Pharmaceutical Industry
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    Malcolm S. Salter

    Malcolm Salter has been a member of the Harvard Business School faculty since 1967. His teaching and research focus on issues of corporate strategy, organization, and governance.

    In addition to teaching at HBS, he has held faculty positions at the Harvard... View Details

    Keywords: arts; automobiles; energy; investment banking industry; retailing; venture capital industry
    • September 2010
    • Article

    Making Self-Regulation More Than Merely Symbolic: The Critical Role of the Legal Environment

    By: Jodi L. Short and Michael W. Toffel
    Using data from a sample of U.S. industrial facilities subject to the federal Clean Air Act from 1993 to 2003, this article theorizes and tests the conditions under which organizations' symbolic commitments to self-regulate are particularly likely to result in improved... View Details
    Keywords: Adoption; Code Law; Environmental Sustainability; Governing Rules, Regulations, and Reforms; Organizations; Governance Compliance; Strategy; Motivation and Incentives; United States
    Related
    • 22 May 2019
    • Research & Ideas

    Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

    careful about which loans you take on. Federal student loans are directly funded by the government and offer a variety of consumer protections to help those who are struggling, such as repayment options that... View Details
    Keywords: by Dina Gerdeman
    • May 2024
    • Article

    Housing Policies and Energy Efficiency Spillovers in Low and Moderate Income Communities

    By: Omar Isaac Asensio, Olga Churkina, Becky D. Rafter and Kira E O'Hare
    Housing policies address the human dimensions of increasing urban density, but their energy and sustainability implications are hard to measure due to challenges with siloed civic data. This is especially critical when evaluating policies targeting low- and... View Details
    Keywords: Energy Efficiency; Public Policy; Climate Change; Energy Conservation; Housing; Analytics and Data Science; Policy; Income; Environmental Sustainability; Real Estate Industry; United States
    Related
    • 08 Aug 2012
    • Working Paper Summaries

    Monetary Policy and Long-Term Real Rates

    Keywords: by Samuel G. Hanson & Jeremy C. Stein
    • December 2020
    • Article

    Unwanted Attention: Swiss Multinationals and the Creation of International Corporate Guidelines in the 1970s

    By: Sabine Pitteloud
    During the last decade, we have seen an increased opposition to globalization. Within this wave of criticism, firms and more specifically multinational corporations have been major targets, accused of multiple wrongdoings, such as social dumping, fiscal evasion, job... View Details
    Keywords: Multinationals; Guidelines; Lobbying; Business History; Multinational Firms and Management; Governing Rules, Regulations, and Reforms; Global Range; Switzerland
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    • Fall 2017
    • Article

    Strengthening and Streamlining Bank Capital Regulation

    By: Robin Greenwood, Samuel Gregory Hanson, Jeremy C. Stein and Adi Sunderam
    We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary... View Details
    Keywords: Banks and Banking; Capital; Governing Rules, Regulations, and Reforms; Banking Industry
    Related
    • April 2025
    • Article

    The Fed and the Secular Decline in Interest Rates

    By: Sebastian Hillenbrand
    In this paper I document a striking fact: a narrow window around Fed meetings fully captures the secular decline in U.S. Treasury yields since 1980. By contrast, yield movements outside this window are transitory and wash out over time. This is surprising because the... View Details
    Keywords: United States Treasury; Monetary Policy; Yield Curve; Bonds; Financial Markets; Government Administration; Valuation; Interest Rates; United States
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      Dorothy A. Leonard

      Dorothy Leonard*, the William J. Abernathy Professor of Business Administration Emerita, joined the Harvard faculty in 1983 after teaching for three years at the Sloan School of Management, Massachusetts Institute of Technology. She has taught MBA courses in... View Details

      Keywords: federal government; federal government; federal government; federal government; federal government; federal government; federal government; federal government; federal government

        Adi Sunderam

        Adi Sunderam is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 2 in... View Details

        Keywords: federal government; federal government; federal government; federal government; federal government; federal government
        • 2023
        • Working Paper

        Saving and Consumption Responses to Student Loan Forbearance

        By: Justin Katz
        How do households adjust savings and consumption in response to liquidity from debt relief? I study this question using policy variation induced by federal student loan forbearance in the 2020 CARES Act and an individual-level panel of daily financial transactions for... View Details
        Keywords: Saving; Consumer Behavior; Borrowing and Debt; Interest Rates; Financial Liquidity; Personal Finance; Government Legislation
        Related
        • 16 Apr 2018
        • News

        Tax Reform, Round One

        • 26 Sep 2017
        • First Look

        First Look at New Research and Ideas, September 26, 2017

        worked are positively correlated with firm performance, and differences between family and non-family CEOs account for approximately 18% of the performance gap between family and non-family firms. We investigate the sources of the differences in CEO labor supply across... View Details
        Keywords: Sean Silverthorne
        • 14 Feb 2023
        • HBS Case

        Is Sweden Still 'Sweden'? A Liberal Utopia Grapples with an Identity Crisis

        Sweden has long seemed like a social-welfare capitalist dream come true, where companies and labor unions collaborate in harmony with government support. Swedish citizens are among the wealthiest in the world, and they enjoy publicly... View Details
        Keywords: by Lane Lambert
        • Web

        Global Impact of the Collapse | Baker Library | Bloomberg Center | Harvard Business School

        fueling the country’s greatest economic downturn since the crash of 1929. On September 16, 2008, one day after Lehman’s collapse, the Federal Reserve Bank of New York lent $85 billion to the global insurance company American International... View Details