Using new high-frequency rent data for apartments in Chicago, this paper documents the origin of rent stickiness and its implications for income distribution in the rental housing market. This paper finds that neither Calvo nor Taylor’s models fully explain rent-setting behaviors because...

This paper presents a new mechanism through which the geography of bank deposits increases financial fragility. We document the within-bank geographic concentration of deposits -- 30% of bank deposits are concentrated in a single county. We combine this within-bank geographic concentration of...

We show that dealer market power impedes the pass-through of monetary policy in the European repo market. The current literature has mostly centered around collateral scarcity, where scarce and heterogeneous collateral causes repo rates to fall below policy rates and diverge across collateral...

Commercial radio spectrum use rights in the US are traditionally assigned using licenses over large geographic areas with 10- or 15-year terms, to encourage infrastructure investment. However, such long-term licenses are difficult to reassign as more valuable uses for spectrum arise. Licenses...

Many governments assign use licenses for natural resources, such as radio spectrum, fishing rights, and mineral extraction rights, through auctions or other market-like mechanisms. License design affects resource users' investment incentives, as well as the efficiency of asset allocation. No...

Appendix is available at: 'https://ssrn.com/abstract=3034480' https://ssrn.com/abstract=3034480Perpetual licenses incent owners incentives to invest in the common value of public resources, but impede efficient reallocation of resources to higher-valued entrants. Short-term licenses improve...

This paper studies manipulation in cash-settled derivative contract markets. When traders hedge factor risk using cash-settled derivatives, which are settled based on the price of a spot good, traders can manipulate settlement prices by trading the spot good. In equilibrium, manipulation can...