The fixed rate tender is one of the main operational formats used by central banks in the implementation of their monetary policies. While academic research has largely dismissed the procedure for its tendency to encourage overbidding, central banks such as the ECB and the Bank of England have...

Policy makers often try to optimize local law enforcement by reorganizing police forces. We study the effects of police reallocation via station closures on municipal crime by exploiting a quasi-experiment where a centrally administered reform substantially reduced the number of police stations....