This article examines the tradeoffs between wages and job-related advertising in the recruitment of new employees. We hypothesize that when wages are limited by controls, firms increase their use of nonwage recruiting methods. We find support for this hypothesis by examining the effect of the...

Currency pegs seldom achieve full credibility even after delivering low inflation and a stable exchange rate for many years. We use unique survey data from Bulgaria's currency board to investigate the origins of incomplete credibility. We show that the limitations imposed by the currency board...

Using a unique micro data set, we find pervasive evidence of price asymmetry that is systematically related to inflation. An ordered probit model of pricing by manufacturing, building and merchandising firms shows that inflation: (i) increases the probability of a price increase in response to...