How should multilateral trade policy be designed in a world in which countries differ in terms of market access and technology, and firms with market power differ in terms of productivity? We answer this question in a model of monopolistic competition in which variable markups increasing in firm...

We provide the first detailed quantitative assessment of the effects of the Financial Fair Play Regulation (FFPR) introduced by the Union of European Football Associations (UEFA) on the income statements and balance sheets of European football clubs. While other studies exist documenting the...

In 2009 the Union of European Football Associations (UEFA) launched its Financial Fair Play Regulations (FFPR) aimed at preventing professional football clubs from overspending in the quest of sporting success to the detriment of their long‐run financial sustainability. The rationale and the...