"This paper studies dynamic labor demand for private and state-controlled manufacturing plants in China. A goal of the paper is to characterize adjustment costs for these plants. As our sample includes private and state-controlled plants, our analysis uncovers differences in both objectives and...

Active wholesale financial markets help reallocate deposits across heterogeneous banks. Because of incentive problems, these flows are constrained and collateral is needed. Both the volume, the value, and the composition of collateral matter. We make a distinction between "outside collateral"...