The main purpose of a bankruptcy is to settle accounts with creditors and to establish a market value for the company as a whole. This paper deals with Finnish bankruptcies. It shows that bankruptcies are strongly related to the business cycle and
This study of markups, ie prices over marginal costs in manufacturing industries, builds on the work of Robert Hall and Werner Roeger. We analyze several methods used in estimating sectoral markups, and then apply them to empirical analysis of the industrial sectors
Within a New Keynesian business cycle model, we study variables that are normally unobservable but are very important for the conduct of monetary policy, namely expected inflation and inflation risk premia. We solve the model using a third-order approximation that allows us
My thesis explores the following question: how workers of different skill are allocated across jobs and unemployment over the business cycle. I am interested in understanding the “over-qualification” of workers that occurs during periods of high unemployment, as increased congestion in the