Analyzing unique data on loan applications by individuals who are majority owners of small firms, we detail how a bank's credit decisions affect their future income. We use the bank's cutoff rule, which is based on the applicants' credit scores, as the discontinuous locus providing exogenous...

The minimum alcohol purchasing age in New Zealand was lowered from 20 to 18 in December 1999. Focusing on two distinct legislative regimes, we utilize a national-level census of criminal convictions to examine the impact of unrestricted alcohol purchasing rights on alcohol-related crime. Our...

In federal countries, such as the U.S., the fiscal authority consists not of one, but many governments, with state governments accounting for a sizable share of expenditures. We analyze how state partisanship of politicians affects state fiscal policy and quantify the possible macroeconomic...