The Role of the State

A Directorship at a Federal Reserve Bank is Good News for Banks, but May be Bad News for the Fed

Far before the collapse of SVB, I provided systematic evidence that banks appear to benefit from their directorships on Federal Reserve Banks. The fact...

Biden’s Second-Best Economic Agenda

Efficiency is out and political economy is in. But what does that imply about making good policy? When Barack Obama was asked about carbon pricing...

The Fed and Bank Failures

Viral Acharya and Raghuram Rajan explain how quantitative easing contributed to the problems underlying the recent bank failures such as that of Silicon Valley...

Self-Preferencing Theories Need To Account for Exploitative Abuse

Patrice Bougette, Oliver Budzinski, and Frédéric Marty argue in their research that antitrust authorities on both sides of the Atlantic must take into consideration...

Startup Acquisitions Have Undecided Effects on Innovation and Economic Growth

Startups are a major driver of innovation, but many startups are acquired by large incumbents. Do these acquisitions stifle innovation or promote it? While...

Letters that Matter: How Interest Groups Shape Financial Legislation

Members of Congress are inundated with an avalanche of correspondence on a daily basis. But what persuades them to heed the call? Recent research...

How Many Banks Are at Risk of Insolvency Right Now?

Given the recent banking turmoil and failure of SVB and Signature and issues in First Republic, it is important to understand the risk to...

The Challenges of Regulating Disinformation

In response to rising concerns about political disinformation, governments have introduced a slew of interventions. Federico Vaccari warns in new research that these interventions...

India’s Evolving Industrial Policy Is Critical for Realizing Its Development Vision

Industrial policy was once so out of fashion that it was jokingly called “the policy that shall not be named.” Now it’s back in...

Nobel Laureate Douglas Diamond on How the Fed Could Have Prevented SVB’s Collapse

Nobel Laureate and bank run expert Douglas Diamond argues that the Fed’s choice to signal long-term low interest rates, and then suddenly reverse course...

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