Recent developments in financial economics have included many explorations into market microstructure, that is, the …

Past studies on the relationship between electricity consumption and temperature have primarily focused on individual …, overcoming the data constraint by using grid-level night light and temperature data. Mostly generated by electricity and recorded … by satellites, night light has a strong linear relationship with electricity consumption and is correlated with both its …

We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth …, which is key for poverty alleviation. We argue that the economies that achieved high sustained growth and low market income … important for achieving fair and inclusive markets. We explore policy options to steer industrial and market structures toward …

We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data …

This paper examines the effect of international trade on corporate market power in emerging market economies and … trade integration are associated with significant declines in market power, with the effect being more pronounced for firms … liberalization on market power materializes over time, and there are significant complementarities between trade reforms and real …

This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of … speculators in financial markets, in a model where each speculator tries to coordinate her trades with the market''s by observing … the decisions of other speculators, while simultaneously trying to preempt the market. The interaction and resolution of …

of a rational trader who operates in a market with transactions costs and noise trading. The level of trading affects the …

The paper shows that commercial banks’ ability to lower deposit interest rates (market power) can increase deposit … deposits. United States data illustrates the financial deepening effect of this market power. Commercial banks’ ability to … greater interest rate competition. Lack of bank deposit market power, including through capital account mobility, may lessen …