New paper, "Firm Quality Dynamics and the Slippery Slope of Credit Intervention" by @wenhaoli111 & Li shows that direct government and central bank lending can distort firm quality and fuel future interventions.
"We show how opportunity costs, a core economic concept, can explain seemingly non-rational behaviour (like cyclical choices) within a preference-maximising framework."
New paper by @PaolaManzini, @MarcoMa75263273 & @ulkulev
"Supply disruptions shapes the global internet backbone: new paper shows diversification drives cable entry & surplus, but markets may underprovide diversity."
"Serfdom in early modern Russia wasn’t inevitable—it was driven by landholding soldiers on the southern frontier. To defend against nomads, the state tied peasants to land, cementing coercive labor."
