Haoxiang Zhu
Haoxiang Zhu is an Associate Professor of Finance at the MIT Sloan School of Management, and a Faculty Research Fellow at the National Bureau of Economic Research. He is also an academic consultant to the US Commodity Futures Trading Commission, a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets, and a member of the Finance Theory Group. His main research interests are broadly in asset pricing and specifically in market structure and market design.
Antitrust and Competition
Wider and Direct Access to Financial Market Infrastructure Is the Next Step for a More Competitive Financial Market
The potential impact of Europe's revised Payment Services Directive, known as PSD2, should not be underestimated, as banks adapt to a flatter and more competitive...
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Antitrust and Competition
A World With Far Fewer Mergers
Brooke Fox and Walter Frick analyze research and ideas presented at the Stigler Center Antitrust and Competition Conference that question the value of mergers.
Commentary
The Banking Risks of Central Bank Digital Currencies
The implementation of central bank digital currencies as the primary medium of exchange would exacerbate the flaws of our current fiat system which encourage banks to overextend credit and create liabilities that they cannot redeem. This will worsen the already recurring cycles of financial crises, writes Vibhu Vikramaditya.
Antitrust and Competition
The Whig History of the Merger Guidelines
A pervasive "Whig" view of United States antitrust history among scholars and practitioners celebrates the Merger Guidelines' implementation of increasingly sophisticated economic methods since their...
Antitrust and Competition
Algorithmic Collusion in the Housing Market
While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.
Antitrust and Competition
The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
Book Excerpts
The Chicago Boys and the Chilean Neoliberal Project
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
Antitrust and Competition
Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.