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The Producer Price Index (PPI) for the United States suggests that semiconductor prices have barely been falling in recent years, a dramatic contrast to the rapid declines reported from the mid-1980s to the early 2000s. This slowdown in the rate of decline is puzzling in light of evidence that...
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We provide new estimates of the wage costs of firms' debt. Our empirical approach exploits within-firm geographical variation in workers' expected unemployment costs due to variation in local labor market size and uses a large representative sample of public firms. We find that, following an...
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limited network connections. The model implies that essentially similar workers can have markedly different wages and further … that the inequality of wages is partly explained by variations in the sizes of workers' networks. Our results indicate that … wages. We also show that reasonable differences in the average number of links between blacks and whites can explain the …
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