Information Technology (IT) such as blockchains, radio-frequency identification (RFID), and Internet of Things (IoT) allow firms and consumers to trace the physical flow of products along a supply chain. Although this improvement in information transparency helps enhance product safety and...

This paper demonstrates that globalization, taking the form of a higher import component of consumption and a larger export component of GDP, is the cause of the apparent breakdown in the relationship between excess demand and inflation. Within a parsimonious empirical framework, we show that...

There are many situations where policy makers would like to induce firms to make a major discrete conversion in production technology to help the environment. This paper examines how heterogeneity in the operating condition of firms' plant and equipment, which cannot be observed by policy...

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We study franchise arrangements that allow franchisees with exclusive territories to own their customers. This permits franchisees to benefit from positive externalities in the franchise network through interfranchise transfers based on the purchases by their customers at other franchises on the...