Are long-term contracts equivalent to a series of shorter-term contracts except for the informational sets available? This paper argues that the wage equations in many macroeconomic models with labor contracts imply a positive answer to the above question. An empirical examination of Canadian...

Technology effects, business process development, and productivity growth are considered in the context of a single company: Wal-Mart. The starting point is the 2001 McKinsey Global Institute report, which finds that over 1995-2000, a quarter of U.S. productivity growth is attributable to the...