We examine the effects of changes in an interest rate cap on small loan brokers in New Jersey during the Great Depression. Using newly constructed data on brokers and banks, we find that small loans ...

This paper provides the first nationwide evidence on how electric vehicle (EV) adoption has improved both air quality and child health. We assemble a rich dataset from 2010–2021 that links ...

Contrary to this assumption, we document that underemployment of quasi-fixed inputs or low capacity utilization rates (CUR) is common across firms, especially in poor countries. Low CURs are ...

US multinationals formed joint ventures in China for market access and lower labor costs. However, these ventures transfer technology to Chinese firms, fueling future competition. While individual ...

This paper estimates the effects of moving away from violent environments into safer areas on migrants' academic achievement in the context of the Mexican war on drugs. Using student location choices ...

This paper examines when and why entrepreneurs choose to standardise their ventures and make themselves replaceable, extending Rajan's (2012) analysis within a property rights framework. A model is ...

Banks can use the discount window to fend off a run by prepositioning assets with the Fed and borrowing against them. Following the March 2023 bank runs, policymakers have considered mandatory ...

We examine how healthcare providers’ opioid prescriptions are affected by changes in their home values, which proxy for shocks to their wealth. We find that providers increase opioid prescriptions ...

Using 2000-2018 National Establishment Time-Series data and a difference-in-differences strategy, we show that state “pill mill” laws intended to reduce the overprescribing of opioids reduced retail ...

When exposed to greater physical and transition climate risks, are firms more likely to engage in climate mitigation, climate adaptation, or/and political strategies? This study examines this question ...

The fertility decline is everywhere in the world today. Moreover, the decline goes decades back in the histories of rich countries. Birthrates have been below replacement in the U.S. and Europe since ...

Digital payment platforms can displace cash and extend financial services to underserved populations, yet many adults worldwide remain unbanked. Leveraging granular microdata on individual ...