We examine how the GDPR affected transatlantic venture investment. Using investment data from 2014 to 2019, we find that the GDPR's rollout in May 2018 led to a significant decline in US investor activity in the EU, evidenced by fewer deals and investment, especially for newer and data-related...

The development of English-language skills, a near necessity in today's global economy, is heavily influenced by historical national decisions about whether to subtitle or dub TV content. While prior studies of language acquisition have focused on schools, we show the overwhelming influence of...

We study the granular wage and employment effects of a German place-based policy using a research design that leverages EU-wide rules governing program parameters at the regional level. The program subsidizes investments to create jobs with a subsidy rate that varies across labor market regions....

Despite broad acceptance among economists, carbon taxes face persistent public resistance. We measure the sources and distribution of welfare losses from unexpected European carbon price changes by estimating their impact on consumer prices, labor income, financial wealth, and government...

We study carbon border adjustment mechanism (CBAM) policies, as currently being implemented by the EU and UK. Policy discussions have cited three motivations and one concern. CBAMs can improve domestic competitiveness in regulated markets, reduce emissions leakage to unregulated markets, and...

Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of...

Low-quality patents are of considerable concern to businesses operating in patent-dense markets. There are two pathways by which low-quality patents may be issued: the patent office may apply systematically a standard that is too lenient (low inventive step threshold); or the patent office may...

Most international commerce is carried out by multinational firms, which use their foreign affiliates both to serve the market of the host country and to export to other markets outside the host country. In this paper, I examine the determinants of multinational firms' location and production...

We propose a simple model of the sovereign-bank diabolic loop, and establish four results. First, the diabolic loop can be avoided by restricting banks domestic sovereign exposures relative to their equity. Second, equity requirements can be lowered if banks only hold senior domestic sovereign...