This article estimates the social savings of the railroads in Peru in the late 19^th and early 20^th centuries. The construction of railroads made it possible for Peruvians to substitute the traditional system of mules and llamas, although only for a few routes. Using primary and secondary...

In this paper we analyze the structure of adjustment costs for labor. In particular, the question whether hiring and firing costs are asymmetric is addressed. We maintain the standard assumption of quadratic adjustment costs, but allow the multiplicative coefficient to differ for the firing and...

Recent theory increasingly emphasizes the association of short-term debt with higher-quality firms and better incentives. The possibility of premature liquidation, for example, may serve as a disciplinary device to improve firm performance. At the same time the role of long-term debt, especially...