In this paper, we use the individual-level USR data for the wholepopulation of 1993 leavers from the ‘old’ universities of the UK toinvestigate the determinants of graduate occupational earnings. Amongother results, we find that there are significant differences in theoccupational earnings...

Large companies are usually organized into business units, yet some activitiesare almost always centralized in a company-wide functional unit. We firstshow that organizations endogenously create an incentive conflict between functionalmanagers (who desire excessive standardization) and...

Market participants' risk attitudes, wealth and portfolio composition influence their positions in apegged foreign currency and, therefore, may have important effects on the sustainability of currencypegs. We analyze such effects in a global game model of currency crises with continuous...

This paper studies a dynamic model of crises with timing frictions that combines the mainaspects of Morris and Shin (1998) and Frankel and Pauzner (2000). The usual arguments forexistence and uniqueness of equilibrium cannot be applied. It is shown that the model has aunique equilibrium within...

We analyze optimal contracts and optimal matching patterns in a simple model of partnershipwhere there is a double-sided moral hazard problem and potential partners differ intheir productivity in two tasks. It is possible for one individual to accomplish both tasks (soleproduction) and there are...

This paper studies changes over time in the incidence of labor tying. The existingliterature is successful in explaining the emergence of this institution, but contains thecounterfactual implication that there should be an increasing trend in labor tying. However,previous contributions have so...