Traditionally, regulation of banks has focused on the riskentailed in bank loans. Loans are typically nontradedassets. In recent years, another component of bank assetshas become increasingly important: assets actively tradedin the financial markets.1 These assets form the “tradingbook” of a...

This paper revises the traditional view of Spain as a predatorycolonial state that extracted revenue from natural resources andpopulations in the Americas while offering little in return. Using 18thcentury Spanish American treasury accounts we show that localelites not only exerted important...

Hierarchies allow individuals to leverage their knowledge through others` time.This mechanism increases productivity and ampli…fies the impact of skill heterogeneity on earnings inequality. To quantify this effect, we analyze the earnings andorganization of U.S. lawyers and use an equilibrium...

Earnings inequality has increased substantially since the 1970s. Using evidence changes from con…dential Census data on U.S. law offices on lawyers'organization and earnings, we study the extent to which the mechanism suggested by Lucas (1978) and Rosen (1982), a scale of operations effect...