solvent (have more "collateral"), the deadweight agency costs of investment finance are lower. This model of investment … increase the agency costs of borrowing, which in turn depress the demand for investment, the presence of these financial …

costs exceed the benefits of brokers' knowledge and expertise. Thus, quantification of the net value of brokerage services … indicates that agency costs exceed the advantages of brokers' knowledge and expertise by a wide margin …

We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed … is costlier for workers to become unemployed and, hence, allows them to reduce overall agency costs. In the unique robust …

We assess the quantitative impact of firing costs on aggregate total factor productivity (TFP) in a dynamic general …-equilibrium framework where the distribution of establishment-level productivity is not invariant to the policy. Firing costs not only … losses. Firing costs equivalent to 5 year's wages imply a drop in TFP of more than 20 percent. Factor misallocation accounts …

. To fill this gap, we build a general equilibrium model with heterogeneous agents and firing costs in the tradition of …

We examine variation in local wage levels, housing costs, and commuting costs for 2071 areas covering the United States …

preference factors in order to separately identify risk preferences, information frictions, and perceived plan hassle costs. The … dimensions that they are typically assumed to understand, perceive high plan hassle costs, and make choices that depend on these …