standardization rate (and of competition). Second, we characterize the growth and welfare maximizing speed of standardization. We show … production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are … adapted to be produced using unskilled labor. Our framework highlights a number of novel results. First, standardization is …

Although policymakers often discuss tradeoffs between bank competition and stability, past research provides differing … theoretical perspectives and empirical results on the impact of competition on risk. In this paper, we employ a new approach for … competition materially boosts bank risk. With respect to the mechanisms, we find that competition reduces bank profits, charter …

This paper examines the effects of campaign spending limits on political competition and incumbency advantage. We study … discontinuous kink which we exploit for causal identification. We find that stricter limits increase political competition by …

Did regulatory reforms that lowered barriers to competition among U.S. banks increase or decrease the quality of … information that banks disclose to the public and regulators? We find that an intensification of competition reduced abnormal … competition reduces bank opacity, enhancing the ability of markets and regulators to monitor banks …

have risen and that the ensuing decline in competition has depressed consumption by five to ten percent …

straightforward empirical tests from a model of patient demand, procedure quality, and differentiated product competition. Using …

degree of competition in a market with the share of nonprofits: the availability of economic profits under for-profit status …