Most working-age Americans obtain health insurance coverage through the workplace. U.S. law requires employers that offer health plans to use a price common to all in the group, but the value of insurance to each risk-averse individual varies with their idiosyncratic health risk. Hence, linking employment and health insurance creates a wedge between the marginal cost and benefit of insurance. S...

Labour and the Market Value of the Firm What role does labour play in firms’ market value? We explore this question using a production-based asset-pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labour is akin to investment in capital and that the two interact, with the interaction being a crucial determinant of market value behaviour. We use ag...

This paper examines the existence and nature of equilibria and balanced growth paths in the Uzawa-Lucas two-sector endogenous growth model with elastic labor supply. We demonstrate that it is not possible to merely insert a labor-leisure choice into the model, as has occasionally been done in in the past— the resulting …rst order conditions for the representative agent violate the Pontyagrin ma...

This paper develops a simple accounting framework that measures the effect of resource misallocation on aggregate productivity. This framework is based on a multi-sector general equilibrium model with sector-specific frictions in the form of taxes on sectoral factor inputs. This framework is flexible for demand side assumptions such as preference and aggregate production function. Moreover, thi...

In this paper we report the results from a detailed investigation of the shifts of the world production frontier function over the period 1980-2010. Analogous to a radar we implement a novel measurement approach for these shifts using nonparametrically computed productivity measures to scan the frontier shifts across the entire input-output space. The shifts of the frontier function measured in...

Although FDI is widely believed to have a positive effect on economic growth, the exact mechanism of how FDI impacts upon the development process of the newly industrialising economies is far from being well understood. This paper presents and tests two propositions on the role of FDI in economic growth from a newly industrialising economy’s perspective. First, FDI is a mover of production effi...

We have generated a stable bivalent Fv molecule [(dsFv)2] of the anti-erbB2 monoclonal antibody e23 in which the VH and VL domains of the Fv are linked to each other by a disulfide bond and the two Fvs are connected by a 15-amino acid linker (T. K. Bera et al., J. Mol. Biol., 281: 475–483, 1998). The e23 (dsFv)2 molecule is linked to a truncated form of Pseudomonas exotoxin (PE38) to generate a...

We have generated a stable bivalent Fv molecule [(dsFv)2] of the anti-erbB2 monoclonal antibody e23 in which the V(H) and V(L) domains of the Fv are linked to each other by a disulfide bond and the two Fvs are connected by a 15-amino acid linker (T. K. Bera et al., J. Mol. Biol., 281: 475-483, 1998). The e23 (dsFv)2 molecule is linked to a truncated form of Pseudomonas exotoxin (PE38) to genera...