Large multi-product firms dominate international trade flows. This paper documents new facts about multi-product manufacturing exporters that are not easily reconciled with existing multi-product models. Using novel linked production and export data at the firm-product level, we find that the...

We estimate a structural model of heterogeneous multiproduct firms to examine the sources of firm heterogeneity emphasized in the recent trade and macro literatures. Using Nielsen barcode data on prices and sales, we estimate elasticities of substitution within and between firms, and use the...

We develop a monopolistic competition model with two sectors and heterogeneous agents who self-select into entrepreneurship, depending on entrepreneurial ability. The effect of market size on the equilibrium share of entrepreneurs crucially hinges on properties of the lower-tier utility function...

We develop a model of vertical innovation in which firms incur a market entry cost and position themselves in the quality space. Once established, firms compete monopolistically, selling to consumers with heterogeneous tastes for quality. We establish existence and uniqueness of the pricing game...

We study the role of vertical structure in determining generating capacities and retail prices in the electricity industry. Allowing for uncertain demand, we compare three market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) separated duopoly...

According to the data of business surveys of the Gaidar Institute, September showed that most indices remained at the same level. The stable dynamics of demand permitted to maintain the previous growth rates of output with invariable estimates of reserves of fi nished products and stable pricing...

We consider a duopoly with horizontally differentiated firms, where firms decide the long-term plans (locations) in addition to short-term issues (prices). As in Bárcena-Ruiz and Casado-Izaga (2014), we introduce a third entity in the city by considering the presence of a policymaker that...

How do banks react to increased interbank competition?Recent banking theory offers conflicting predictions about the impact of competition on bank orientation í L H WKH choice of relationship based versus transactional banking í DQG EDQN LQGXVWU\ specialization.We empirically investigate the...

A recent string of theoretical papers highlights the importance of geographical distance in explaining pricing and availability of loans to small firms.Lenders located in the vicinity of small firms have significantly lower monitoring and transaction costs, and hence considerable market power if...

Recent theoretical models argue that a bank's organizational structure reflects its lending technology.A hierarchically organized bank will employ mainly hard information, whereas a decentralized bank will rely more on soft information.We investigate theoretically and empirically how bank...