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Maxime Derex, Jean-François Bonnefon, Robert Boyd, Richard McElreath et Alex Mesoudi
n° 25-1618, février 2025
In many domains, learning from others is crucial for leveraging cumulative cultural knowledge, which encapsulates the efforts of successive generations of innovators. However, anecdotal and experimental evidence suggests that reliance on social information can reduce the exploration of the problem...
Yassine Lefouili et Leonardo Madio
n° 25-1617, février 2025, révision juillet 2025
In this paper, we review recent studies on the impact of mergers on investments. We begin by examining how mergers among competing incumbents influence firms’ incentives to develop new products and undertake cost-reducing or quality-enhancing investment. We then analyze how an incumbent’s...
Fabrice Collard, Patrick Fève et Philipp Wangner
n° 25-1616, février 2025
This paper explores how the persistence of demand shocks interacts with monetary policy in New Keynesian frameworks. We identify two key propagation channels: a permanent income channel, which amplifies the effects of persistent shocks, and a real interest rate channel, which goes in the opposite...
Bruno Carballa-Smichowski, Yassine Lefouili, Andrea Mantovani et Carlo Reggiani
n° 25-1615, février 2025
Data combination and analytics can generate valuable insights for firms and society as a whole. Firms can seize these opportunities by joining platforms that either allow them to access the data contributed by other firms or provide the result of the analytics performed on such data, depending on...
Marine Spiteri, Lola Pedrini, Agathe Thierry, Valérie Orozco, Olivier de Mouzon et Zohra Bouamra-Mechemache
vol. 58, n° 111222, février 2025
Measuring the consumption of processed foods made from a common raw agricultural ingredient requires to make quantities comparable, by converting them in raw product equivalent. This conversion also allows to compute total quantities. In the case of legumes, the challenge is to take into account a...
Jean-Sébastien Fontaine, René Garcia et Sermin Gungor
vol. 80, n° 1, février 2025, p. 57–99
The aggregate leverage of broker-dealers responds to demand and supply disturbances that have opposite effects on financial markets. Leverage supply shocks that relax broker-dealers' funding constraints raise leverage, improve liquidity, increase returns and carry a positive price of risk. Leverage...
Emmanuelle Auriol et Anaïs Dahmani-Scuitti
vol. 172, n° 104930, février 2025
In a model featuring two regions—one affluent and the other impoverished—the allocation of public spending is examined under an initially centralized and autocratic political process. In a stable autocracy, the decision to implement decentralization reforms hinges on a tradeoff: while...
Manuel Ramos-Maqueda et Daniel L. Chen
vol. 186, n° 106834, février 2025
This article explores the transformative potential of data science in enhancing justice systems globally. Leveraging the increasing availability of judicial data and the advancements of the digital revolution, this paper demonstrates how policymakers can significantly improve access, efficiency,...
Felipe Gonzalez, Josepa Miquel-Florensa, Mounu Prem et Stéphane Straub
vol. 135, n° 666, février 2025, p. 653–669
Transportation infrastructure is associated with economic development, but it can also be used for social control and to benefit the governing elite. We explore the connection between the construction of road networks, state-led repression, and illegal land allocations in the longest dictatorship...
Renato Gomes et Andrea Mantovani
vol. 23, n° 1, février 2025, p. 190–235
Online intermediaries greatly expand consumer information, but also raise sellers’ marginal costs by charging high commissions. To prevent disintermediation, some platforms adopted price parity and anti-steering provisions, which restrict sellers’ ability to use alternative sales channels. Whether...
