Economic policy uncertainty affects decisions of households, businesses, policy makers and
financial intermediaries. We first examine the impact of economic policy uncertainty on …

Using supervisory data on the loan portfolios of large US banks, we document that these
banks specialize by concentrating their lending disproportionately in a few industries. This …

We explore how large and small banks make funding decisions when system-wide bailouts
are possible. We show that bank size, purely on strategic grounds, is a key determinant of …

This paper documents a link between bank concentration and markups in nonfinancial
sectors. We exploit concentration-increasing bank mergers and variation in banks' market …

We present new evidence on how heterogeneity in banks interacts with monetary policy
changes to impact bank lending. Using an exogenous policy measure identified from …

We analyze market power in local US corporate loan markets by creating a measure of
markup that incorporates banks' internal risk assessments. In contrast to typical theories of …

The recent fnancial crisis highlighted the role of Bank Holding Companies (BHCs) in
exacerbating the crisis and in transmitting monetary policy beyond the local economy to …

Due to the government-driven mergers of large banks, many competing firms in Japan
ended up borrowing from a common lender. Using firm-level data, we find that the capital …

Starting in the 1990s, US bank assets grew more concentrated among a few large
institutions. We explore the changing role of idiosyncratic volatility as a shaping force of the …

This paper introduces nonparametric econometric methods that characterize general power
law distributions under basic stability conditions. These methods extend the literature on …