The effect of credit market competition on borrower default is theoretically ambiguous, because the quantity of credit supplied may rise or fall following an increase in competition. We investigate empirically the relationship between credit market competition, lending to households, and...

The inertia of the local-currency prices of traded goods in the face of exchange-rate changes is a well-documented phenomenon in international economics. This paper develops a structural model to identify the sources of this local-currency price stability and applies it to microdata from the...

Using a unique nationally representative sample of U.S. establishments surveyed in both 1993 and 1996, we examine the relationship between workplace innovations and establishment productivity and wages. Using both cross-sectional and longitudinal data, we find evidence that high-performance...