Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...

We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win...

That public policy affects organizational behaviors is well accepted, but less explored is how these effects may depend on other external environmental factors. We investigated policy as a necessary, but not sufficient, condition for understanding the growth of commercial banking in the United...

This paper estimates how beer franchise laws and their interaction with restrictions on vertical integration between manufacturing and wholesaling impacted US craft brewers' entry and production decisions. The effects are identified by exploiting variation in policies across states and time...