To a large degree, the expansion of student aid programs to potential college students over the past 25 years in the United States has been based on the presumption that borrowing constraints present an obstacle to obtaining a college education. Economists and sociologists studying schooling choices have found empirical support for college subsidies in the well-documented, large positive correl...

The implications for taxation theory of a life-cycle model of consumption incorporating financial transactions costs are derived. The equity case for progressive taxation is shown to correspond, in a life-cycle setting, to an efficiency case. Individuals prefer a progressive tax system to a proportional one because the tax burden is lower when they are young and face high transactions costs of ...

The apoptotic machinery is utilized for a wide variety of tasks during development. Recent work has uncovered a new, non-apoptotic role for these factors during the individualization process of maturing spermatids.

In this paper we discuss primitives for mobilising code and communications. We distinguish three types of semantics for mobility: copying (where an identical copy is created remotely), moving (where the original is destroyed), and borrowing (where the original is moved to the target and back to where it came from at defined moments). We discuss these semantics for mobile code and mobile channel...

In this paper, we study the effects of uncertainty shocks in a quantitative framework where firms corporate sector are constrained by credit. Specifically, formulate borrowing constraints as nested function that features both earnings and capital alternative instruments for assessing credit worthiness, line with recent trends finance. We find incorporates only one instrument (capital or earning...