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By using new panel data for Finnish banks we study the impact of training on wages and performance. To the best of our …
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We construct a model in which firms use workers' productivities in determining their job assignments. A worker's productivity must exceed some lower bound to satisfy the minimum qualifications for a particular job. If the worker's productivity exceeds some upper bound he is promoted. Under these...
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This paper uses stochastic simulation and my U.S. econometric model to examine the optimal choice of monetary policy instruments. Are the variances, covariances, and parameters in the model such as to favor one instrument over the other, in particular the interest rate over the money supply? The...
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implements a pair of tests for the exogeneity of wages in a longitudinal labor supply model, and for the particular failure of … hours Granger -- cause wages at the individual level. The second test involves a simultaneous estimation of labor supply and … from the process generating wages, even when long time series are available on a sample of individuals …
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In this paper we examine the factors affecting the structure of executives' compensation packages. We focus particularly on the role of various types of delayed compensation as means of "bonding" executives to their firms. The basic problem is to design a compensation package that rewards...
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