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Production and Financial Networks in Interplay

By Kenan Huremović, Gabriel Jiménez, Enrique Moral-Benito, José-Luis Peydró, and Fernando Vega-Redondo

American Economic Review, May 2026

We show that bank shocks to firms propagate along the production network with stronger upstream than downstream effects. Our identification relies on (i) administrative datasets from Spain covering supplier-customer transactions and bank loans, (ii) bank ...

Competition in Health Insurance Markets

[Symposium: Competition in Health Care]

By Martin Gaynor and Amanda Starc

Journal of Economic Perspectives, Spring 2026

The United States relies primarily on private health insurance markets, yet these markets are highly concentrated and becoming more so over time. We document concentration across commercial, Medicare Advantage, and Medicaid markets. We then examine how as...

Substitutes for Success? Public versus Private Competition in Medicare Advantage

[Symposium: Competition in Health Care]

By Tim Layton, Luca Maini, and J. Michael McWilliams

Journal of Economic Perspectives, Spring 2026

We assess the evolving role of competition in Medicare Advantage and its implications for beneficiary welfare. We describe how competition from the public option, traditional Medicare, and other private insurers within Medicare Advantage act as substitute...