"Several recent studies have recommended greater reliance on subordinated debt as a tool to discipline bank risk taking. Some of these proposals recommend using subordinated debt yield spreads as additional triggers for supervisory discipline under prompt corrective action (PCA); action that is...

"This paper evaluates to what extent the introduction of firing costs can affect the aggregate dynamics of a neoclassical growth model with hetrogeneous establishments. Similarly to the previous literature, firing costs are found to have large steady- state effcts. However, they have no...