The decline of the US manufacturing share since 1960 has occurred disproportionately during recessions. Using evidence from two natural experiments—the collapse of Lehman Brothers in 2008 and US interstate banking deregulation in the 1980s—I document a role for credit reallocation in...

The request of equal accessibility must be respected to some extent when dealing with problems of designing or rebuilding of emergency service systems. Not only the disutility of the average user but also the disutility of the worst situated user must be taken into consideration. Respecting this...

What is the efficiency cost of rent-seeking activities in Argentina? This paper quantitatively shows that rent-seeking activities in the form of bribes have aggregate effects through two channels. First, they generate misallocation of resources across firms because they prevent resources from...

This paper examines within-sector resource misallocation in three Southeast Asian countries - Indonesia, Malaysia, and Vietnam. The methodology accounts for measurement error in revenues and costs. The firm-level evidence suggests that measurement error is substantial, resulting in an...

This paper explores firm-level heterogeneity to identify the underlying drivers of market power trends in Romania and the implications for competition and economic growth. The results show that the (sales-weighted) average markup in Romania increased by around 15 percent between 2008 and 2017. A...