productivity will decline on average. Firms optimally account for the regression bias in making promotion decisions, but the effect …

The paper presents the fiscal theory of the price level in a variety of models, including endowment economies with lump …-sum taxes and production economies with proportional income taxes. We offer a microeconomic perspective on the fiscal theory by … level. Under certain assumptions on monetary and fiscal behavior, the revaluation effect reflects the fiscal theory …

as standard intertemporal consumption-savings choices in the presence of uninsurable idiosyncratic labor productivity …

, employee share ownership, and stock options--and their link to productivity. It shows that shared capitalism has grown in the … productivity, but its impact is largest when firms combine it with other forms of shared capitalist pay and modes of organization …

heterogeneous firms. We build on recent evidence of a cyclical job ladder that reallocates workers from low productivity to high … productivity firms through job-to-job moves. In this paper we turn to the question of who moves up this job ladder, and the … productive firms. We find that while more educated workers are less likely to match to low productivity firms, they are even less …

with disdain for work. We propose an economic theory of preference formation where both the divergence of attitudes across … social classes and the ensuing reversal of economic fortunes are equilibrium outcomes. In our theory, parents shape their …

, in that they are more likely to postpone earlier plans for retirement. The evidence and theory suggest that the negative …