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We turn the zero-profit condition that is typically used to determine the number of firms into a game of entry/exit. We assume that identical firms compete in Cournot fashion, and when market …
Discussion paper
Are furlough schemes useful under normal business cycle conditions? We address this question using administrative data from Finland, where such a scheme has long existed, and a model of firm dynamics …
Discussion paper
I examine the long-established scheme of furloughs in Finland, using detailed data on unemployment spells from 1999 to 2021. Furloughs allow employers in financial difficulty to suspend wages and …
Discussion paper
We establish new efficiency results for decentralized markets with quality uncertainty. Buyers encounter a succession of passing trade opportunities and related asset information, allowing them to …
Discussion paper