"This paper reviews the literature on employment and labor law. It is observed that all jurisdictions in the world have extensive employment and labor law, even though many economists recommend a reduction in legal restrictions. The review of the law illustrates that it has evolved in response...

In May 1981, President François Mitterrand regularized the status of undocumented immigrant workers in France. The newly legalized immigrants represented 12 percent of the non-French workforce and about 1 percent of all workers. Employers have monopsony power over undocumented workers because...

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric--making unlicensed workers an illegal substitute for licensed workers but not the reverse. We test our hypothesis using a difference-in-differences event study research design...

We study the role of firms' political influence on the effectiveness of government spending using ARRA as a laboratory. Through an IV approach, we show that a 10 percentage points increase in the share of politically connected spending lowers the job creation effect of stimulus by 33 percent at...

We examine whether impact investing is more effective in fostering business venture success and social impact when investments are directed toward ventures located in disadvantaged urban areas compared to similar investments directed toward ventures located outside these areas. We explore this...

This paper provides estimates of the effect of unemployment insurance benefits on labor supply outcomes over the business cycle using 20 years of administrative claims and earnings data from California. A regression kink design exploiting nonlinear benefit schedules provides experimental...

The International Social Security (ISS) project compares the experiences of a dozen developed countries to study Social Security Programs and Retirement Around the World. The project was launched in the mid 1990s and was motivated by decades of decline in the labor force participation rate of...

We present two valuation models that we use to account for the annual data on price per share and dividends per share for the CRSP Value-Weighted Index from 1929-2023. We show that it is a simple matter to account for these data based purely on a model of variation in the expected ratio of...