We analyze the effectiveness of consumer financial regulation by considering the 2009
Credit Card Accountability Responsibility and Disclosure (CARD) Act. We use a panel data …

Competition has been suppressed for extended periods in banking and when it has been
unleashed, financial stability has suffered. This paper elucidates the relationship between …

We study the effects of asymmetric information and imperfect competition in the market for
small business lines of credit. We estimate a structural model of credit demand, loan use …

We propose a new approach to studying the pass-through of credit expansion policies that
focuses on frictions, such as asymmetric information, that arise in the interaction between …

This paper studies regulated health insurance markets known as exchanges, motivated by
the increasingly important role they play in both public and private insurance provision. We …

This review article, which was solicited by the Geneva Risk and Insurance Review, surveys
work that has been done using an empirical framework for analyzing selection in insurance …

Health insurers increasingly compete on their networks of medical providers. Using data
from Massachusetts's insurance exchange, I find substantial adverse selection against plans …

Abstract Information asymmetries are known in theory to lead to inefficiently low credit
provision, yet empirical estimates of the resulting welfare losses are scarce. This paper …

Screening in consumer credit markets is often associated with large fixed costs. We present
both theory and evidence that, when lenders use fixed-cost technologies to screen …

Does too much competition in banking hurt society? What policies can best protect and
stabilize banking without stifling it? Institutional responses to such questions have evolved …