Most of the literature on retail fuel markets find high-frequency and asymmetric price cycles. This is typically explained by the model of Edgeworth price cycles. A key element of this model is that prices fall to marginal costs during a cycle. It seems challenging to address this assumption...

Despite its central importance in the optimal currency area literature, little is known about when and why US regional business cycles became more synchronized. We shed light on these issues by (re)constructing a monthly index of retail sales for the 12 US Federal Reserve districts from 1919 to...

In this note, we provide a cleanly identified and empirically relevant example of a setting where an increase in market concentration caused lower prices and markups. This result contradicts some widely used models of competition and highlights the value of richer models of firm behavior and...

In this note, we provide a cleanly identified and empirically relevant example of a setting where an increase in market concentration caused lower prices and markups. This result contradicts some widely used models of competition and highlights the value of richer models of firm behavior and...

We run two field experiments within a large retail chain showing that the effectiveness of performance pay crucially hinges on prior job experience. Introducing sales-based performance pay for district- and later for store-managers, we find negligible average treatment effects. Based on surveys...

Trading in cryptocurrencies has grown rapidly over the last decade, primarily dominated by retail investors. Using a large dataset of more than 200,000 retail traders from eToro, we show that they have a different model of the underlying price dynamics in cryptocurrencies compared to other...

Promotions are at the same time beloved and feared by both food retailers and branded goods manufacturers in today’s retail environment. Beloved because they attract smart customers and generate an immediate effect on a brand’s sale. Feared because there is uncertainty about the...