We develop a dynamic model of trading and investment with limited aggregate resources to study investment cycles …. Unverifiable idiosyncratic investment opportunities imply market prices to play a role of rent distribution, distorting private … investment incentives from a social point of view. This distortion is price-dependent, leading to two-sided inefficient …

the present value of the returns from an initial investment of [1pound], using the social discount rate, should be equal …

policies can restore economic efficiency …This paper analyzes the timing, pace and efficiency of the on- going job reallocation that results from product and …

efficiency of collaboration and the credit allocation that arises after the completion of collaborative work. In this paper, we …

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the … levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by … deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We …

costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset …

-standard-deviation increase in the efficiency of bankruptcy is associated with an increase in the stock of corporate bonds equal to 5% of firm …

This paper examines the efficiency and equity implications of alternative health care system financing strategies …. Using data across the OECD, I find that almost all financing choices are compatible with efficiency in the delivery of …