The upsurge of shadow banking is typically driven by rising financing demand from certain
real sectors. In China, the 4 trillion yuan stimulus package in 2009 was behind the rapid …

We consider statistical inference for regression when data are grouped into clusters, with
regression model errors independent across clusters but correlated within clusters …

Hayek (1945) argues that local information is key to understanding the efficiency of
alternative economic systems and whether production should be centralized or …

Do new communication technologies, such as social media, alleviate the collective action
problem? This paper provides evidence that penetration of VK, the dominant Russian online …

Two stage least squares (2SLS) has poor properties if instruments are exogenous but weak.
But how strong do instruments need to be for 2SLS estimates and test statistics to exhibit …

We survey the weak instrumental variables (IV) literature with the aim of giving simple advice
to applied researchers. This literature focuses heavily on the problem of size inflation in two …

The literature on aid and growth has not found a convincing instrumental variable to identify
the causal effects of aid. This paper exploits an instrumental variable based on the fact that …

Causal estimates of the benefits of increased schooling using US state schooling laws as
instruments typically rely on specifications which assume common trends across states in …

This study examines peer effects in corporate disclosure decisions. Peer effects suggest that
the average behavior of a group influences the behavior of individual group members …

There have been dozens of high-profile mass shootings in recent decades. This paper
presents three main findings about the impact of mass shootings on gun policy. First, mass …