It is widely agreed that the early years are a particularly important time forefforts to increase social mobility, because a good deal of inequality is alreadyapparent by the time children start school, and because children’s developmentmay be less amenable to change after they enter school....

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...

This paper examines the distribution of the “social wage” benefits inkind from welfare services, including the National Health Service, stateeducation, social housing, and personal social services. The currentGovernment has put a strong emphasis on improving public servicesand has begun to...