costs and quantities. Unfortunately, neither in ordinary language nor in the jargon of moral philosophy can such ultimate … desiderata as liberty and justice be related to costs or quantities. Hence in the first section we sketch a model of social …

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 …

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 …

We propose a theory of task trade between countries that have similar relative factor endowments but may differ in size … be performed at home or abroad, but offshoring entails costs that vary by task. In equilibrium, the tasks with the … highest offshoring costs may not be traded. Among the remainder, those with the relatively higher offshoring costs are …

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 …

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

presence of a redistributional tax policy, credit market constraints, administrative costs of tax collection, and lack of … government commitment. We characterize how decreasing migration costs for skilled workers affect the time-consistent policies of … in migration costs is Pareto improving when migration costs are high, but have ambiguous effects when these costs are low …

-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 …