This paper provides a theoretical framework to analyze workers' incentives under different ownership. It shows that the workers' effort and expected income are higher and the monitoring intensity is lower in the employee-owned firm than in the capitalist firm. Unlike in previous models, the...

This paper asks whether wage subsidies encourages participants to move into jobs with greater wage growth. We provide an analytical framework that identifies the key causal links between earnings subsidies and both within-and between-job wage growth. This framework highlights the importance of...

This paper revisits the old question of whether wage growth differs by education level. The paper makes both a methodological and a substantive contribution by offering a new strategy for separately identifying returns to tenure, experience, and job match. Our empirical results, based on the...