The neoclassical assumptions of perfect competition and constant returns to scale are commonly used within most areas of macroeconomic research. This is generally true of existing research on business cycles and universally true of previous studies investigating the welfare benefits of taxation...

This article discusses credit migration of diversified loan pool securitizations, as evidenced by the ratings transitions of mortgage‐backed securities (MBS) and asset‐backed securities (ABS). The authors contrast the ratings (i.e., credit) stability of MBS and ABS relative to ratings...