Papers

(Forthcoming) Although citizens value competitive markets and support small businesses, we observe substantial variation in market concentration. Why do politicians abstain from taking action to reduce concentration? We propose an often overlooked...

(2022) Political connections provide substantial benefits to firms. We emphasize the ownership of firms as an important channel through which political con- nections operate and identify a resulting link between political turnover and turnover in the...

(2020) Asset mobility is thought to constrain taxation, as firms with mobile assets can avoid taxation by locating their assets in low-tax jurisdictions. Firms with immobile assets then face higher taxes. By considering the political incentives that...

(2021) This paper examines the spillover effects of U.S. unconventional monetary policy (UMP) on emerging market capital flows and asset prices. Affine term structure model estimates show that U.S. monetary policy shocks, identified with high-frequency...

(2022) The effects of macroprudential policy on portfolio flows vary considerably across the global financial cycle. A tighter ex-ante macroprudential stance amplifies the impact of global risk shocks on bond and equity flows, increasing outflows...

(2023) Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly the rise of open-end mutual funds and exchange-traded funds, accounts for nearly half of the external financing flows to emerging markets...

(2025) Place-based policy in the United States comprises a wide range of government programs that are spread across federal, state, and local agencies and that rely on public, private, and nonprofit organizations for policy design and implementation. We...

(2025) This chapter analyzes the distinct adjustment paths of U.S. labor markets (places) and U.S. workers (people) to increased Chinese import competition during the 2000s. Using comprehensive register data for 2000–2019, we document that employment...

This paper studies how people across the world perceive and understand climate change and climate policies, which factors determine their support for climate action, and what type of information shifts their policy views. We design and run new large-...

What drives autocrats to default on their sovereign debt? This article de- velops the first theory of sovereign debt default in autocracies that explicitly investigates survival incentives of political actors in nondemocracies. Self-interested elites...