We study the consumption and hedging strategy of an oil-importing developing country that faces multiple crude oil shocks. In our model, developing countries have two particular characteristics: their economies are mainly driven by natural resources and their technologies are less e cient in...

Governments in hegemonic states use economic sanctions to induce changes in other countries. What happens to international business networks when these sanctions are in place? We use new historical firm-level data to document the destruction of financial relations between U.S. banks and Chilean...

Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in neighboring U.S. states with different liability regimes during the Great Depression. The distress rate of limited liability banks was 29% higher than that...

I use the introduction of deposit insurance in eight U.S. states in the early twentieth-century to study its effects on the banking system. Using a triple-difference approach exploiting regulatory differences between national and state banks and between states, I find that insured banks...

Governmental agencies use score procurement auctions to incorporate other attributes beyond price in their purchase decisions. We establish nonparametric econometric identification of bidders' independent private (pseudo)types for multi-attribute procurement, where bids are evaluated using a...

Does additional shareholder liability reduce bank failure? We compare the performance of around 4,400 state-regulated banks of similar size in neighboring U.S. states with different liability regimes during the Great Depression. We find that additional shareholder liability reduced bank failure...