We study the emergence of urban self-governance in the late medieval period. We focus on England after the Norman Conquest of 1066, building a novel comprehensive dataset of 554 medieval towns. During the Commercial Revolution (twelfth to thirteenth centuries), many merchant towns obtained Farm Grants: the right of self-governed tax collection and law enforcement. Self-governance, in turn, was a stepping stone for parliamentary representation: Farm Grant towns were much more likely to be summoned directly to the medieval English Parliament than otherwise similar towns. We also show that self-governed towns strengthened the role of Parliament and shaped national institutions over the subsequent centuries. (JEL D02, D72, D73, K11, K34, N43, N93)

To investigate general patterns in news information in the United States, we combine a protocol for identifying major political news stories, 11 monthly surveys with 15,000 participants, and a model of news discernment. When confronted with a true and a fake news story, 47 percent of subjects confidently choose the true story, 3 percent confidently choose the fake story, and the remaining half are uncertain. Socioeconomic differences are associated with large variations in the probability of selecting the true news story. Partisan congruence between an individual and a news story matters, but its impact is up to an order of magnitude smaller. (JEL D72, D83, L82)