Standard efficiency wage models suggest that workers employed in places with lower probabilities of identifying shirking will earn more, as will workers who have better alternative opportunities. This paper provides new empirical evidence in support of efficiency wage theory using the National...

In this article, we examine the relationship between U.S. federal revenues and expenditures while relaxing the assumption of a symmetric adjustment process underlying the conventional cointegration and error correction model. Threshold autoregression and momentum threshold autoregression models...

This article employs a recently developed time-series econometric technique to examine the magnitude and persistence of unanticipated changes in real output on unemployment rates by race and gender. Through the use of generalized impulse response analysis, we measure the extent to which the...