This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in … market imperfections, so unemployment rises and remains high for an extended period. The data show that there has not been … cause of the increase in European unemployment, they may have played some role in limiting European employment growth …

unemployment rates for both groups. The paper provides some evidence that there has been a change in the composition of jobs in the …

Becker's theory of human capital predicts that minimum wages should reduce training investments for affected workers … perfectly competitive labor markets underlying this theory is relaxed, minimum wages can increase training of affected workers … standard theory of human capital …

This paper offers and tests a theory of training whereby workers do not pay for general training they receive. The …

US energy sector. The model's quantitative implications match a range of moments not targeted in the estimation quite …