We develop a model of banking industry dynamics to study the quantitative impact of regulatory policies on bank risk‐taking and market structure. Since our model is matched to U.S. data, we propose a market structure where big banks with market power interact with small, competitive fringe...

Relative used capital price, the measure of irreversibility, is fixed in almost all the investment literature. This dissertation introduces investment models with state-dependent irreversibility and tests whether these models outperform fixed irreversibility cases, at both the macro and micro...

This dissertation consists of three essays in international economics. The first chapter investigates whether opening up to international financial flows improves aggregate productivity in the presence of limited contract enforceability. I present a model of two countries that differ in terms of...