Interstate highway openings were permanent, anticipated demand shocks that increased gasoline demand and sometimes shifted it spatially. We investigate supply responses to these demand shocks, using county-level observations of service station counts and employment and data on highway...

This article presents basic tools for measuring different business lines' contributions to the U.S. economy's business cycles, and it applies these to measure the exposure of a large conglomerate to macroeconomic risks

This paper summarizes interviews from 1998 with 590 individuals trying to create a business centered around five questions: "Who are you?," "What are you trying to accomplish?," "What have you and others put into the business?," "What have you accomplished?," "What remains to be done?" There is...

We review two nonstandard uses of the policy rate tool, which provide additional stimulus when interest rates are close to or at the effective lower bound—forward guidance and negative interest rate policy. In particular, we survey the use of these tools since the star otf the Great Recession,...

This paper considers the effects of raising the cost of entry for a potential competitor on infinite-horizon Markov-perfect duopoly dynamics with ongoing demand uncertainty. All entrants serving the model industry incur sunk costs, and exit avoids future fixed costs. We focus on the unique...

This paper uses over two years of weekly scanner data from two small US cities to characterize time and state dependence of grocers' pricing decisions. In these data, the probability of a nominal adjustment declines with the time since the last price change. This reflects differences over time...