the executive. Agency theory remains the only viable candidate for answering the question about how executive compensation … compensation, in the context of agency theory. We suggest two fertile areas for research regarding the improvement of executive …

Firms are more complicated than standard principal-agent theory allows: firms have assets-in-place; firms endure …

this risk. We use our theory to interpret some executive compensation data from the early 1970's. The results are generally …

's theoretical framework: (i) wages are higher in states with more generous unemployment benefits, (ii) the perceived probability of … pay and the local unemployment rate -- in modern U.S. data. Consistent with recent evidence from more than 40 other … job-finding is lower in states with higher unemployment, and (iii) employees are less happy in states that have higher …

We survey the recent empirical literature on the effects of offshoring on wages, employment and displacement. We start … identification strategies used, critically assess strengths and weaknesses, discuss connections with theory, and draw out potential …

that incorporates unemployment and endogenous wages. This formula nests a broad variety of structures of the labor market … Income Tax (NIT) at the bottom of the income distribution, in the presence of unemployment and wage responses to taxation …, such as competitive models with fixed or flexible wages and models with matching frictions. Our results show that the …

immigrants, especially illegal ones, have a worse outside option than natives their wages are lower. Hence their presence reduces …-skilled labor markets, increasing unemployment of native low skilled. Legalization, instead decreases the unemployment rate of low …

This paper reviews a new framework for analyzing the interrelationship between inequality, unemployment, labor market …. It implies that the opening of trade may raise inequality and unemployment, but always raises welfare. Unilateral … reductions in labor market frictions increase a country's welfare, can raise or reduce its unemployment rate, yet always hurt the …

unemployment. We show that heterogeneity, reflecting differences in match quality and worker assets, reduces the extent of … fluctuations in separations and unemployment. We find that the model faces a trade-off--it cannot produce both realistic dispersion … in wage growth across workers and realistic cyclical fluctuations in unemployment …

This paper develops a simple framework for examining human capital accumulation, unemployment, and relative wages in a …, technical change, and a productivity slowdown. We derive the consequences for the skilled-to-unskilled wage gap, unemployment …