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Issues of bonds increased in inter-war Japan, the main investors in bonds being banks because demand for loans declined in this period. Banks that were more tolerant of risks (that is, whose capital ratio was higher) mad...Read more...
Leonardo Felli and Christopher Harris
This paper introduces two complementary models of firm-specific training: an informational model and a productivity-enhancement model. In both models, market provision of firm-specific training is inefficient. However, t...Read more...