In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the...

The Swedish adult education program known as the Knowledge Lift (1997--2002) was unprecedented in its size and scope, aiming to raise the skill level of large numbers of low-skill workers. This paper evaluates the potential effects of this program on aggregate labour market outcomes. This is...

This Paper presents a test of the educational signalling hypothesis. If employers use education as a signal in the hiring process, they will rely more on education when less is otherwise known about applicants. We find that employers are more likely to lower educational standards when an...