resolved crises if they monitor the worker. If monitoring costs are positive but sufficiently small, for a range of …

The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs … liquidation and the associated deadweight costs. It is shown that the optimal taxation policy to finance such transfers exhibits …

required, and which is external to the firm's investment activity. I derive a simple decision rule that maximizes the firm … example. I analyze the decision to start or continue building a nuclear power plant during the 1980's …

-funding is very effective in controlling guarantee costs in traditional DB plans, it is highly ineffective for DC-MB plans. This … larger than the DB benefit. This paper considers two approaches to controlling guarantee costs. The first approach borrows … in the bad states are subsidized. Both options are very effective at controlling guarantee costs, and they can be used …

and concentration and recovers shocks to entry costs. We validate our approach by showing that the model-implied entry … shocks correlate with independently constructed measures of entry regulation and M&A activities. We conclude that entry costs …

particularly attractive locations to offshore? In this paper we address these questions with a theory of international production … hierarchies in which organizations arise endogenously to make efficient use of agents' knowledge. Our theory highlights the role … managers improves the efficiency of the transmission of knowledge across countries. The model further delivers the prediction …