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Strapped for Cash: The Role of Financial Constraints for Innovating Firms, Misallocation and Aggregate Productivity Growth

By Esther Ann Bøler, Andreas Moxnes, and Karen Helene Ulltveit-Moe

American Economic Journal: Macroeconomics

We analyze the impact of reduced financial constraints on innovating firms' performance and access to credit using a reform that allowed firms to use patents as collateral. We develop a theoretical framework to guide the analysis and quantify the aggregat...

The Private Provision of Public Services: Evidence from Random Assignment in Medicaid

By Danil Agafiev Macambira, Michael Geruso, Anthony Lollo, Chima D. Ndumele, and Jacob Wallace

American Economic Review

This paper examines the effects of privatizing social health insurance. We exploit a natural experiment in Medicaid, wherein nearly 100,000 enrollees were randomly assigned between a publicly-operated fee-for-service system and private managed care. Man...