This paper examines the implications of regulatory change for input mix and technology choices of regulated industries. We study the increase in the relative price of labor faced by U.S. hospitals that resulted from the move from full cost to partial cost reimbursement under the Medicare...

The Americans with Disabilities Act (ADA) requires employers to accommodate disabled workers and outlaws discrimination against the disabled in hiring, firing, and pay. Although the ADA was meant to increase the employment of the disabled, the net theoretical effects are ambiguous. For men of...

In this paper we revisit the relationship between institutions, human capital and development. We argue that empirical models that treat institutions and human capital as exogenous are misspecified both because of the usual omitted variable bias problems and because of differential measurement...

<DIV><DIV><P>The <I>NBER Macroeconomics Annual </I>provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy. . The papers and accompanying discussions in <I>NBER Macroeconomics Annual 2008</I>, which<DIV>include contributions from leading...</div></i></i></p></div></div>

<DIV><DIV><P>The <I>NBER Macroeconomics Annual </I>provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in <I>NBER Macroeconomics...</i></i></p></div></div>

<DIV>The <I>NBER Macroeconomics Annual</I> provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in <I>NBER Macroeconomics...</i></i></div>

<DIV><DIV>The twenty-sixth edition of the <I>NBER Macroeconomics Annual</I> continues its tradition of featuring theoretical and empirical contributions that shed light on central issues in contemporary macroeconomics, pushing the frontiers of macroeconomic work in areas ranging from short-run macroeconomic...</i></div></div>

This paper argues that the extent of financial contagion exhibits a form of phase transition: as long as the magnitude of negative shocks affecting financial institutions are sufficiently small, a more densely connected financial network (corresponding to a more diversified pattern of interbank...