In analyzing the competitive impacts of bank consolidations, banking agencies and the U.S. Department of Justice tend to rely on the assumption that the market for bank services is local and is for services offered only by banks. This approach allows analysts to merge all products and services...

How policymakers frame an economic problem inevitably restricts the range of policy solutions they entertain. It is important to prevent restrictions on the range of policy options being explored from undermining the quality of policy performance. This implies that outside economists should...