Deregulation affects incumbent firms through entry threats (a curse) and entry opportunities (ablessing). To separate these effects, we construct novel network-based measures of U.S. state-level bank deregulation intensity that allow us to isolate the blessing- and curse-related effects of...

Between 2010 and 2020, the U.S. coal industry experienced a 50% drop in production, employment, and active mines, driven by regulatory factors and technological innovation in alternative energy sources. We study the impact of this energy transition on household employment, wages, migration, and...

We show that public banks cut deposit rates to meet short-term performance targets. This target-induced rate cutting is more pronounced for inelastic deposit products, and leads to long-lasting outflows in products with high price elasticity. Local competitors, including purely private banks...

We estimate the real effects of resolving distressed banks using quasi-experimental variation in resolutions introduced by a threshold-based rule of the FDIC Improvement Act. We find that resolutions reduce employment and establishments growth by up to six percentage points. These effects are...