aggregate credit risk exceed the cost of implicit transfers to bank debt holders … overhang. We find that the efficient recapitalization program injects capital against preferred stock plus warrants and … conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by …

This paper constructs a tractable general equilibrium model of search with risk-aversion. An increase in risk … hazard: insured workers seek high wage jobs with high unemployment risk. An economy with risk-neutral workers achieves … maximal output without any UI. In contrast, in an economy with risk-averse workers, a positive level of UI maximizes output …

whether it was a move toward economic efficiency using data from Massachusetts. Medicaid spending will fall, but only a modest … amount ($0.1 billion). The efficiency issue turns mainly on the treatment of health benefits from reduced smoking induced by … the settlement. We conclude that the settlement was a move towards economic efficiency …

One of the benefits commonly claimed for expanded public health insurance is improved efficiency of medical care …

This paper describes an efficiency approach to the evaluation of policy changes. Rather than comparing the utility …

This paper measures for the first time the economic efficiency effects of the taxation of wireless services, which are … thereby suppress demand for service, imposing an efficiency loss on the economy of $0.53 for every $1 currently raised in … taxes. Prospective taxes will impose an efficiency loss of $0.72-$1.14 per additional dollar of tax revenue raised …