"Market imperfections affect virtually every transaction in some way, generating costs that interfere with trades that rational individuals make, or would make, in the absence of the imperfection. Understanding these costs gives us insight regarding the total costs of transactions, where to...

"This paper develops a new and easily implementable necessary and sufficient condition for the exact identification of a Markov-switching structural vector autoregression (SVAR) model. The theorem applies to models with both linear and some nonlinear restrictions on the structural parameters. We...

"Using data on workers' flows into and out of employment, unemployment, and not-in-the-labor-force, I construct transition probabilities between "employment" and "unemployment" that can be used in the calibration of economies such as Krusell and Smith's (1998). I show that calibration in Krusell...

"This paper uses matched employer-employee data for the state of Georgia to examine workers' earnings experience through the information technology (IT) sector's employment boom of the mid-1990s and its bust in the early 2000s. The results show that even after controlling for individual...