Markets for consumer financial services are growing rapidly in low-and middle-income
countries and are being transformed by digital technologies and platforms. With growth and …

We estimate a bargaining model of competition between hospitals and managed care
organizations (MCOs) and use the estimates to evaluate the effects of hospital mergers. We …

ABSTRACT I study how brokers distort household investment decisions. Using a novel
convertible bond data set, I find that consumers often purchase dominated bonds—cheap …

How does advertising influence consumer decisions and market outcomes? We utilize
detailed data on consumer shopping behavior and choices over bank accounts to …

This article analyses the dynamic spatial equilibrium of taxicabs and shows how common
taxi regulations lead to substantial inefficiencies as a result of search frictions and mis …

We study the identification of the search method consumers use when resolving uncertainty
in the prices of alternatives. We show that the search method—simultaneous or sequential …

We empirically document two adjustment margins that are usually absent from the
predominant “bank balance sheet lending” view of financial intermediation. For the shadow …

Interest rate caps are widespread in consumer credit markets, yet there is limited evidence
on its effects on market outcomes and welfare. Conceptually, the effects of interest rate caps …

This paper analyzes the impact of public credit guarantee schemes on the allocation and
performance of bank credit during the COVID-19 crisis. We exploit exhaustive loan-level …

Using novel shadow bank funding data, I find that shadow banks are funded by the very
banks they compete with when originating mortgages. Evidence suggests that banks have …