In contrast to the European Commission, the U.S. Department of Justice and Federal Trade Commission have not meaningfully prosecuted monopolistic abuses over the past 16 years. The U.S. Supreme Court's view on monopolies has also become forgiving. There is no empirical support that...

We provide clear-cut evidence for economically and statistically significant multivariate jumps (multi-jumps) occurring simultaneously in stock prices by using a novel nonparametric test based on smoothed estimators of integrated variances. Detecting multi-jumps in a panel of liquid stocks is...

Economic and financial crises are characterized by tail events. When they occur, tail correlations emerge, which have linear and non-linear origins. The former are due to the Pearson correlations, while the strength of the latter depends on the heavyness of the tails. We introduce TailCoR, a new...

China's development model challenges the approaches of traditional Western donors like the World Bank. We argue that both aim at stability, but differ in the norms propagated to achieve that. Using fixed effects and IV estimations, we analyze a broad range of subnational stability measures in...

This paper presents an overview of the economics of international aid, highlighting the historical literature and the contemporary debates. It reviews the “trade-theoretic” and the “contract-theoretic” analytical literature, and the empirical and institutional literature. It demonstrates...