The origins of American exceptionalism þ the apolitical nature of American labor unions compared to their European counterparts þ have puzzled labor historians. Recently, the hypothesis has been advanced that organized labor abandoned attempts to win reform through legislation because the...

It is argued in many circles that a structural change occurred in U.S. collective bargaining in the 1980s. We investigate the extent to which the hiring of replacement workers can account for this change. For a sample of over 300 major strikes since 1980, we estimate the likelihood of...

The U.S. has witnessed a resurgence of labor activism, with teachers at the forefront. We examine how teacher strikes affect compensation, working conditions, and productivity with an original dataset of 772 teacher strikes generating 48 million student days idle between 2007 and 2023. Using an...

This paper contains the chapters on public enforcement of law and on criminal law from a general, forthcoming book, Foundations of Economic Analysis of Law (Harvard University Press, 2003). By public law enforcement is meant the use of public law enforcement agents -- such as police, tax...

Recent studies based on 20th century US data conclude that abortion access raises children's average socioeconomic outcomes. We generalize a model of fertility, highlighting assumptions under which these abortion predictions can be reversed. Using 19th century abortion restrictions, we...

Over the last twenty years the wage-education relationships in the US and Germany have evolved very differently, while the education composition of employment has evolved in a surprisingly parallel fashion. In this paper, we propose and test an explanation to these conflicting patterns. The...

We investigate the Expectations Hypotheses of the term structure of interest rates and of the foreign exchange market using vector autoregressive methods for the U.S. dollar, Deutsche mark, and British pound interest rates and exchange rates. In addition to standard Wald tests, we formulate...

Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the...

Using high-frequency data on Deutschemark and Yen returns against the dollar, we construct model-free estimates of daily exchange rate volatility and correlation, covering an entire decade. In addition to being model-free, our estimates are also approximately free of measurement error under...