In this paper we characterize and estimate the degree to which liquidity constraints affect real activity. We set up a dynamic model of firm investment and debt in which liquidity constraints enter explicitly into the firm's maximization problem, so that investment depends positively on the...

Purpose – The purpose of this paper is to measure the effect that knowing the Catalan language has on individuals’ comparative advantage to perform certain jobs in Catalonia (Spain), where Catalan and Spanish coexist. Design/methodology/approach – Using census data for 1991 and 1996, and...

Purpose – The purpose of this paper is to measure the effect that knowing the Catalan language has on individuals’ comparative advantage to perform certain jobs in Catalonia (Spain), where Catalan and Spanish coexist. Design/methodology/approach – Using census data for 1991 and 1996, and...