Modern theories of the business cycle do not allow for the simultaneous rational choice of both prices and quantities, instead assuming that an “invisible hand” determines one of these variables to clear markets. In this paper, we develop a macroeconomic...

We build new data on startups in Africa to study which types of financing these firms demand, how financing is allocated in practice, and the implications for startup creation and the composition of the sector. We combine a continent-wide founder...

We review an emerging literature on how non-user externalities—the benefits or harms that product adoption imposes differentially on non-users versus users—shape market outcomes. We first present a unified framework that distinguishes non-user externalities from network effects and classic externalities, such...

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