We study the effect of economic fluctuations on investment in higher education for a wide range of countries. Our main focus is foreign students who come to the United States to attend university. There is a strong relation between enrollment and the business cycle in the sending country. The...

This paper provides a description of the dynamic choices of manufacturing plants when they undertake rapid adjustment in output. The focus is on epsodes that involve lumpy adjustment in capital or employment. I examine the behavior of variables such as capital utilization, hours per worker,...

A methodology is presented for transaction-cost measurement using reports from businesses. In Romania, transaction costs related to buying and selling are more than 20% of value added. The estimates correlate significantly with variables suggested by theory, indicating validity.