Although issuers may benefit generally from securitization, some asset securitizations transfer more credit risk than others. When a lender uses securitization to replace on‐balance‐sheet financing, that lender transfers to investors some of the risks, and, in the form of credit...

Wages subject to continuous renegotiations provide inefficient incentives for the creation of firm-specific human capital if training requires both firm investment and worker effort. Noncontingent career-long, fixed-wage contracts do not induce efficient levels of training because they award all...

The authors present a stochastic model of two barter economies, with production, linked by free trade in goods and securities, which generates Pareto-efficient international transmissions of business cycle disturbances. Each country is inhabi ted by an infinitely-lived, representative firm and...