This paper examines how inflation reacts depending on whether a supply (cost) or demand
(markup) shock occurs. Despite their importance, the behaviour of markups remains an …

This paper studies the impact of skilled immigration policy frictions in the United States on
technology-intensive firms by age cohorts. We use firm-level data and a general equilibrium …

Design approaches based on certified hardware have featured prominently in the recent
debate concerning the deployment of large-scale digital currency systems in general and …

Analyzing the universe of federal environmental regulations in the US, we construct a
measure of regulations—direct taxes on pollution. Analyzing the universe of firms' investor …

This paper studies the macroeconomic implications of the rise in firm-level scale economies.
My empirical finding is that the average firm-level returns to scale increased within all US …

Do larger firms have more productive technologies, are their technologies more scalable, or
both? We use administrative data on Canadian and US firms to estimate a joint distribution …

In the US data, aggregate financial conditions play an important role in accounting for the
formation of firms with high returns to scale. A version of a firm dynamics model with financial …

This paper explores the impact of banking regulation on a competitive credit market with ex-
ante asymmetric information and aggregate uncertainty. I construct a model where the …

We develop a theoretical framework to investigate the link between rising scale economies
and stagnating productivity. Our model features heterogeneous firms, imperfect competition …

We estimate returns to scale in the UK economy from 1998-2014 and show that returns to
scale have increased over time. We show that there is a positive relationship between …