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formulate a model of financing. New Keynesian theory emphasizes that a firm’s net worth influences investment decisions and … bank’s lending reaction to the net worth ratio is more elastic than investment reaction. When the steady state is the …
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In this paper we analyze the influence that incentives play in the timing of the transition to retirement in Spain. We use the Continuous Sample of Working Histories 2006 (CSWH “Muestra Continua de Vidas Laborales”, in Spanish) to construct incentive measures from the Social Security...
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