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This paper provides a structural estimation of an equilibrium search model with on-thejob search and heterogeneity in firms productivities using a sample of Italian workers. Allowing for productivity differentials among firms, the model is able to fit the wage distribution satisfactorily....
Persistent link: https://www.econbiz.de/10005049492
We analyze the effect of a bankruptcy law according to which some of the borrower’s assets are exempt from liquidation in the event of default in the context of a competitive credit market characterized either by moral hazard (MH) or by adverse selection (AS). In particular, we study how the...
Persistent link: https://www.econbiz.de/10010860652
monitoring and screening.We show that,if a market is established characterized by a disclosure law such that entrepreneurs … screen,even when screening is effcient.Correspondingly,other things being equal,the change from a bank-based system to one in …
Persistent link: https://www.econbiz.de/10005015425