of placed-based policies designed to spur innovation clusters. We estimate that the adoption of subsidies for biotech …

quality, follow-on innovation. Winning a first patent boosts a startup's subsequent growth and innovation by facilitating …

facing nonfinancial firms, and boosted the rate of new firm formation. We use bank deregulation to identify an exogenous … the black-white wage differential unexplained by Mincerian characteristics. We find that bank deregulation reduced the … racial prejudice, where competition-enhancing bank deregulation eliminated about one-quarter of the racial wage gap after …

(deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control …

Product and labor market deregulation are fundamentally about reducing and redistributing rents, leading economic … players to adjust in turn to this new distribution. Thus, even if deregulation eventually proves beneficial, it comes with … market deregulation, we then use our results to study two specific issues. First, to shed light on macroeconomic evolutions …