Weitzman's idea of a "share economy" based on profit-sharing has met with several objections, one of which is that it would impose unacceptable levels of risk on wage-earners. This paper answers this objection by proposing a variant of profit-sharing in which workers are given a share of...

This paper combines a Phillips curve and a disequilibrium model of the labor market. The novel feature of the model is that both the Phillips curve and the equation that links excess labor supply and unemployment contain lagged latent variables, which makes standard estimation methods...

We examine the effect of bilateral trade in a concentrated industry under Cournot competition, when firms are regulated by national agencies who care about national social welfare. We allow for differences in costs and market sizes and for asymmetric information between regulatory agencies and...

In the context of a stationary economy, where markets for long-lived real assets open periodically, we analyze the welfare effect of the information structure. At each period, agents receive a signal related to the future dividends of assets. Whenever the quality of the information increases,...