portfolio ownership. The household asset portfolio decision is a choice among discrete alternatives, and I model the problem in … a multinomial framework. I focus on a particularly important feature of household portfolio behavior: the infrequency of …

impact on the economy. I analyze household data for Italy and the United Kingdom, countries that differ dramatically in their …

: (1) distribution expenses are large - they amount to over half of labor costs; (2) plants in the largest decile …, distribution costs as a share of sales declined by one third. We develop a model of heterogeneous manufacturing firms that rely on … share. In combination with the model, these trends suggest largescale decreases in both variable and fixed costs of …

This paper reviews how recent studies of banking crises differ with regard to the dating, length, and costs of the … crisis costs. Cross-sectional evidence does not show that the length of a crisis is a significant contributor to its …