Emerging evidence supports that premature infants are susceptible to both cerebral white and gray matter injury. In a fetal rabbit model of placental insufficiency, preterm rabbits at embryonic day 22 (E22) exhibited histologic evidence of gray matter injury but minimal white matter injury after global hypoxia-ischemia (H-I). We hypothesized that the dissociation between susceptibility to gray ...

General Equilibrium asset pricing models have a difficult time simultaneously delivering a sizable equity premium, a low and counter-cyclical real risk free rate, as well as cyclical variation in return volatility. To explain these stylized facts, this paper introduces occasionally binding financing constraints that impede producers’ ability to invest in an otherwise standard real business cycl...

Labor Market Institutions, Wages, and Investment Labor market institutions, via their effect on the wage structure, affect the investment decisions of firms in labor markets with frictions. This observation helps explain rising wage inequality in the US, but a relatively stable wage structure in Europe in the 1980s. These different trends are the result of different investment decisions by firm...

In this paper we use panel data on …rms from Brazil and China to investigate the role of …nancial constraints for borrowing and investment. We develop a structural investment model, in which borrowing is costly but sometimes necessary to …nance investment. Structural parameters are estimated by matching simulated model moments to empirical data, using a simulated minimum distance estimator. The...

It is a well documented empirical fact that …rm level investment is lumpy rather than smooth. In the present paper we …nd that the aggregate consequences of lumpy investment in general equilibrium are quantitatively important. Earlier results stressing the irrelevance of lumpy investment in general equilibrium are therefore an artefact of assuming perfect competition combined with fully ‡exible...

The paper investigates the impact on credit risk of capital structure choices driven by firm’s investments and financing decisions. We propose a realistic dynamic structural model featuring endogenous investment, capital structure and default. We calibrate the model on accounting and market data. Using simulation, we find that, credit spreads as well as other standard metrics of credit worthine...

Like other macroeconomic variables, residential investment has become much less volatile since the mid-1980s (recent experience notwithstanding.) This paper explores the role of structural change in this decline. Since the the early 1980s there have been many changes in the underlying structure of the economy, including those in the mortgage market which have made it easier to acquire a home. W...

Equilibrium Unemployment and Investment Under Product and Labour Market Imperfections We study the implications of product market competition and investment for price setting, wage bargaining and thereby for equilibrium unemployment in an economy with product and labour market imperfections. We show that intensified product market competition will reduce equilibrium unemployment, whereas the ef...

This study contributes to the debate on whether China’s domestic enterprises (DEs) have experienced a significant catch-up compared with foreign-funded enterprises (FFEs) in high-tech industries. Our paper tries to estimate a new set of capital stock and R&D capital stock by ownership for China’s high-tech industries. Then, using this newly constructed data set, it assesses the comparative prod...