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Intermediaries and Asset Prices

By Valentin Haddad and Tyler Muir

Journal of Economic Literature

Intermediary asset pricing posits that financial institutions play a central role in financial markets, and that their decisions shape asset prices beyond simply reflecting the preferences of the average household. This perspective helps make sense of key...

From Immediate Acceptance to Deferred Acceptance: Effects on School Admissions and Achievement in England

By Camille Terrier, Parag A. Pathak, and Kevin Ren

American Economic Journal: Applied Economics, January 2026

Countries and cities around the world increasingly rely on centralized systems for student placement. Two algorithms, deferred acceptance (DA) and immediate acceptance (IA), are widespread. We investigate the effects of the national ban of IA in England. ...

Breaking Bad: How Health Shocks Prompt Crime

By Steffen Andersen, Elin Colmsjö, Gianpaolo Parise, and Kim Peijnenburg

American Economic Journal: Applied Economics, January 2026

Exploiting plausibly exogenous variations in the timing of cancer diagnoses, we establish that health shocks elicit a large and persistent increase in the probability of committing a crime. This effect materializes in a substantial rise in both first crim...

Highway to Hitler

By Nico Voigtländer and Hans-Joachim Voth

American Economic Journal: Applied Economics, January 2026

We show that the building of the Autobahn network in Nazi Germany boosted popular support for Adolf Hitler, helping to entrench the Nazi dictatorship. Direct local economic benefits are unlikely to explain the effect. Instead, it reflects successful propa...