The regulatory breakthrough of competition law: definitions and worries / Mariateresa Maggiolino -- Anti-anti regulation: the supplanting of industry regulators with competition agencies and how antitrust suffers as a result / Adi Ayal -- (Re-)joining the regulatory fold : problem-solving...

Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...