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- October 2025
- Article
Measurement and Effects of Bank Exit Policies
By: Daniel Green and Boris Vallée
We study whether exit policies by financial institutions have financial and real consequences on the firms they target, using bank coal exit policies as a laboratory. In contrast to theories assuming high capital substitutability, we find large effects of these... View Details
- September 2025
- 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
- 2025
- Book
Concise Business Guide to Climate Change: What Managers, Executives, and Students Need to Know
Understanding the ground rules of climate change for business.
Climate has changed the game for businesses around the world. With climate-related disasters costing billions in damages and public pressure rising, over a hundred nations joined... View Details
Climate has changed the game for businesses around the world. With climate-related disasters costing billions in damages and public pressure rising, over a hundred nations joined... View Details
- 2025
- Working Paper
In Privacy We Trust: The Effect of Privacy Regulations on Data Sharing Behavior
By: Ozge Demirci, Ayelet Israeli and Eva Ascarza
This paper studies the impact of privacy policies on consumer data-sharing behavior, focusing on policy changes in California and Virginia that took effect in 2023. Using data from a leading customer engagement app in the United States, where users upload shopping... View Details
Keywords: Privacy; Privacy Regulation; Data Sharing; Digital Platforms; Policy; Surveys; Behavior; Public Opinion; California; Virginia
- 2025
- Working Paper
Designing Consent: Choice Architecture and Consumer Welfare in Data Sharing
By: Chiara Farronato, Audrey Fradkin and Tesary Lin
We study the welfare consequences of choice architecture for online privacy using a field experiment that randomizes cookie consent banners. We study three ways in which firms or policymakers can influence choices: (1) nudging users through banner design to encourage... View Details
- 2025
- Working Paper
How Does Wage Inequality Affect the Labor Movement
By: Barbara Biasi, Zoë B. Cullen, Julia H. Gilman and Nina Roussille
This paper provides causal evidence on how wage inequality among workers affects the labor movement using three complementary research designs: a vignette experiment with union organizers, a natural policy experiment that increased wage inequality among Wisconsin... View Details
- July 2025
- Article
No Free Lunch? Welfare Analysis of Firms Selling Through Expert Intermediaries
By: Matt Grennan, Kyle R. Myers, Ashley Swanson and Aaron Chatterji
We study how firms target and influence expert intermediaries. In our context, pharmaceutical manufacturers provide payments to physicians during promotional interactions. We develop an identification strategy based on plausibly exogenous variation in payments driven... View Details
- June 2025
- Case
Crossing Borders, Dividing Politics: U.S. Immigration Policy and Political Polarization
By: Marco Tabellini and Alexis Lefort
This case explores the history and political dynamics of U.S. immigration policy, focusing on its evolution from the 18th century to 2025. It traces key legislative milestones, such as the 1965 Immigration and Nationality Act, DACA, and the 2025 Laken Riley Act,... View Details
- 2025
- Working Paper
Public Displays of Alignment: Firm Speech in Autocratic Regimes
By: Joris Mueller, Jaya Y. Wen and Cheryl Wu
Political speech by firms is increasingly common around the world. This paper
examines the government as an important, yet understudied, audience for
such speech, focusing on how Chinese firms rhetorically align with the state.
We introduce novel, general, and... View Details
- 2025
- Working Paper
Small Business Innovation Applied to National Needs
By: Kyle Myers, Lauren Lanahan and Evan E. Johnson
Small businesses have long supplied a disproportionate share of major innovations in the United States. We review a centerpiece policy on this topic: the U.S. Small Business Innovation Research (SBIR) program. We trace its legislative history and summarize program... View Details
- 2025
- Working Paper
Pushing the Envelope: The Effects of Salary Negotiations
By: Zoë B. Cullen, Bobak Pakzad-Hurson and Ricardo Perez-Truglia
Salary negotiations are a widespread phenomenon that can shape key labor market outcomes, such as welfare and inequality. We provide novel empirical and theoretical insights into the causes and consequences of salary negotiations. We conducted two field experiments... View Details
- Working Paper
Index Rebalancing and Stock Market Composition: Do Indexes Time the Market?
By: Marco Sammon and John J. Shim
Value-weighted indexes must rebalance in response to stock market composition changes, e.g., issuance, buybacks, and IPOs. In doing so, existing index funds implicitly engage in market timing. Index funds’ long-short rebalancing portfolios have a -3.5% annual return... View Details
- 2025
- Working Paper
Trade and Industrial Policy in Supply Chains: Directed Technological Change in Rare Earths
By: Laura Alfaro, Harald Fadinger, Jay Schymik and Gede Virananda
Trade and industrial policies, while primarily intended to support domestic industries, may unintentionally stimulate technological progress abroad. We document this mechanism in the case of rare earth elements (REEs)—critical inputs for manufacturing at the knowledge... View Details
- 2025
- Working Paper
Balancing Engagement and Polarization: Multi-Objective Alignment of News Content Using LLMs
By: Mengjie Cheng, Elie Ofek and Hema Yoganarasimhan
We study how media firms can use LLMs to generate news content that aligns with multiple objectives—making content more engaging while maintaining a preferred level of polarization/slant consistent with the firm’s editorial policy. Using news articles from The New York... View Details
- 2025
- Working Paper
Navigating Choppy Waters: How U.S. Trade Policy Uncertainty Affects Small Businesses
By: David Atkin, Zoë Cullen and Ebehi Iyoha
This paper explores the impact of recent changes in the US trade policy environment
on small businesses. Drawing on a survey of more than 4,000 small businesses conducted
between March 22 and 31, 2025, we examine firms’ knowledge, expectations, and
decisions during... View Details
- 2025
- White Paper
Governors Reshaping Workforce Development: Turning WIOA Challenges into Workforce Solutions
By: Joseph B. Fuller, Kerry McKittrick, Nathalie Gazzaneo, Ariel Higuchi, Justine Gluck, Zoe Butler, Jack Porter and Malena Dailey
The Workforce Innovation and Opportunity Act (WIOA) grants Governors significant authority to shape their state workforce systems. Yet, little research explores how they use those powers to strengthen their economies and expand access to employment and training.... View Details
- 2025
- Working Paper
Training Within Firms
By: Brayan Diaz, Andrea Neyra-Nazarrett, Julian Ramirez, Raffaella Sadun and Jorge Tamayo
Training investments are essential for improving worker and firm productivity, yet their
implementation is often hindered by low participation rates and insufficient worker engagement.
This study uses data from three firms–a car manufacturer, a quick-service... View Details
- April 2025
- Article
An Anatomy of Crypto-Enabled Cybercrimes
By: Will Cong, Campbell Harvey, Daniel Rabetti and Zong-Yu Wu
The advent of cryptocurrencies and digital assets holds the promise of improving financial systems by offering cheap, quick, and secure transfer of value. However, it also opens up new payment channels for cybercrimes. Assembling a diverse set of public on- and... View Details
- April 2025
- Article
Crisis Interventions in Corporate Insolvency
By: Samuel Antill and Christopher Clayton
We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... 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