Traditional theory may suggest that stochastic effects could undermine the validity of a structure-based antitrust policy, but this issue has not been formally addressed. We do so here, finding that either stochastic costs or stochastic demand can indeed undermine the validity of such a policy...

The restructuring of commercial banking has heightened interest in its economic consequences both for the economy as a whole and for those most likely to bear adverse consequences: small businesses, small banks, and rural areas. Most previous research on bank restructuring focuses on changes in...

Recent studies have documented an association between financial structure and growth of per capita income. The relationship between financial structure and job growth, by contrast, is an unexplored issue of independent interest. Here we find that U.S. nonmetropolitan employment grew faster in...