This paper examines the welfare implications of priority service in a frictional search environment with heterogeneous outside options. Priority search facilitates expedited matching with public options in the market by charging a service premium. Our main analysis demonstrates that a...

We estimate the impact of infrastructure investment on conflict using 163 hydroelectric dams in Brazil (2002-2022). Leveraging the staggered rollout of construction in a difference-in-differences framework, we find that dams trigger sharp, temporary surges in land invasions, water disputes, and...

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...