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- Forthcoming
- Article
Sending a Message: An Empirical Assessment of Responses to Punitive and Non-punitive Compliance Messaging Strategies
By: Jodi L. Short, Michael W. Toffel, Elizabeth A. Keenan and Melissa Ouellet
Regulators operate in an increasingly hostile political environment. The U.S. Supreme Court is ramping up efforts to curtail the authority of administrative agencies. The second election of Donald Trump to the presidency has unleashed a torrent of anti-regulatory... View Details
Keywords: Field Experiment; Compliance; Compliance Programs; Compliance Policies; Regulatory Enforcement; Environmental Regulation; Environmental Policy; Government Experimentation; Governance Compliance; Government Administration; Governing Rules, Regulations, and Reforms; Business and Government Relations; Construction Industry; Public Administration Industry; California; United States
- Research Summary
Spatial Agglomeration and Superstar Firms
By: Laura Alfaro
We characterize the agglomeration patterns of industries and plants in Europe, distinguishing Eurozone countries and the United States. Using a micro-level index, we quantify the degree of geographic concentration in industrial activities and explore how firm... View Details
- Forthcoming
- Article
Sticky Capital Controls
By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative... View Details
- Research Summary
The Commercialization of Internet Infrastructure
Why did commercial Internet service initially develop in some geographical areas and not others? What determines the success of businesses? What determines the value of Internet services? The research stream developed the first analysis of the Internet access... View Details
- April 2025
- Article
The Fed and the Secular Decline in Interest Rates
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
- Forthcoming
- Article
The Imperfect Intermediation of Money-Like Assets
By: Jeremy C. Stein and Jonathan Wallen
We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in... View Details
- Research Summary
The Origins, Current State, and Future of Capitalism
Starting with the dawn of market capitalism in Renaissance Italy, Professor Reinert works at the intersection of economic ideas, policies, and practices in history, particularly as seen through the lens of national strategies in international competition. He seeks to... View Details
- Research Summary
The Political Power of Weak Interests
By: Gunnar Trumbull
One of the most broadly accepted theoretical claims of public policy is the proposal that interests shared by a large set of actors tend to be under-represented in public policy. From Mancur Olson to George Stigler to James Q. Wilson, our most influential theorists... View Details
- Teaching Interest
The Role of Government in Market Economies (RoGME)
RoGME is about one question: What is the proper role of government in market economies? We study the role of government as it plays out in the real world, using case studies to examine policies of current interest and importance.... View Details
- Forthcoming
- Article
What's My Employee Worth? The Effects of Salary Benchmarking
By: Zoë B. Cullen, Shengwu Li and Ricardo Perez-Truglia
While U.S. legislation prohibits employers from sharing information about their employees’
compensation with each other, companies are still allowed to acquire and use more aggregated
data provided by third parties. Most medium and large firms report using this type... View Details
- 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
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