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...

This paper documents the link between political voice and economic decision-making. Combining the repeal of Section 5 of the Voting Rights Act as a shock to the enfranchisement of black Americans with granular data on the US mortgage market, we document a 14% decline in mortgage origination for...

This paper presents a two-step identification argument for a large class of quasilinear utility trading games, imputing agents' values using revealed preference based on their choices from a convex menu of expected outcomes available in equilibrium. This generalizes many existing two-step...

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...