This paper proposes a theoretical and quantitative analysis of the reallocation of labor across firms in response to idiosyncratic shocks of different persistence. Creating and destroying jobs is costly and workers are paid a share of the value of the marginal worker.
Trade data are typically reported at the level of regions or countries and are therefore
aggregates across space. In this paper, we investigate the sensitivity of standard
gravity estimation to spatial aggregation.
This paper asked the question of whether the behavior and compensation of interlocked executives
and non-independent board of directors are consistent with the hypothesis of governance
problem or whether this problem is mitigated by implicit and market incentives.
College-educated workers entering the labor market in 1940 experienced a 4-fold increase in
their labor earnings between the ages of 25 and 55; in contrast, the increase was 2.6-fold for
those entering the market in 1980. For workers without a college education these figures are
3.6-fold and 1.5-fold, respectively.
What determines the earnings of a worker relative to his peers in the same
occupation? What makes a worker fail in one occupation but succeed in another?
More broadly, what are the factors that determine the productivity of a worker-occupation
match? In this paper, we propose an empirical measure of skill mismatch
for a worker-occupation match, which sheds light on these questions.
This paper analyzes the sources of the racial difference in the intergenerational transmission of human
capital by developing and estimating a dynastic model of parental time and monetary inputs in early childhood with endogenous fertility, home hours, labor supply, marriage, and divorce.
This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on CEO compensation,
using panel data constructed for the S&P 1500 firms on CEO compensation,
financial returns, and reported accounting income.
As an alternative to ordinary least squares (OLS), we estimate location values for single family houses using a standard housing price and characteristics dataset by local polynomial regressions (LPR), a semi-parametric procedure.
Rising costs of and returns to college have led to sizeable increases in the demand for
student loans in many countries. In the U.S., student loan default rates have also risen
for recent cohorts as labor market uncertainty and debt levels have increased.
This paper studies the effect of government stimulus spending on a novel aspect of the labor market: the differential impact of spending on the total wage bill versus employment. We analyze the 2009 Recovery Act via instrumental variables using a new instrument, the spending done by federal agencies that were not instructed to target funds towards harder hit regions.
We study the roles private information and capital accumulation play in the structure of
partnerships. Partnerships are ventures formed with capital contributions from two members
who initially share ownership of a business.
How do job losers use default -- a phenomenon 6x more prevalent than bankruptcy
--as a type of “informal" unemployment insurance, and more importantly, what are
the social costs and benefits of this behavior?