In the recent decade, capital outows from emerging economies, in the form of a demandfor liquid assets, have played a key role in the context of global imbalances. In this paper,we model the demand for liquid assets by rms in a dynamic open-economy macroeconomicmodel. We nd that the implications...

Paradoxically, high-investment and high-growth developing countries tend toexperience capital outows. This paper shows that this allocation puzzle can beexplained simply by introducing uninsurable idiosyncratic investment risk in theneoclassical growth model. Using a sample of 67 countries...

[...]The work of the National Equality Panel will underpin the response by all strategic publicauthorities to Clause One of the Equality Bill which places a new legal duty on key publicbodies to consider, in all the important decisions they make and all important actions theytake, how they can...

We present an equilibrium theory of the organization of work in an economywhere knowledge is an essential input in production and agents are heterogeneousin skill. Agents organize production by matching with others in knowledgehierarchies designed to use and communicate their knowledge...

Since the seminal work of Katz and Murphy (1992), the study of wage inequalityhas taken as its starting point a neoclassical CES production function using as inputscapital and low and high skill labor. This approach assumes that the organization ofproduction is fixed and determined by a...

Earnings inequality has increased substantially since the 1970s. Using evidence changes from con…dential Census data on U.S. law offices on lawyers'organization and earnings, we study the extent to which the mechanism suggested by Lucas (1978) and Rosen (1982), a scale of operations effect...

This paper provides new evidence on time use and subjective well-being of employed and unemployed individuals in 14 countries. We devote particular attention to characterizing and modeling job search intensity, measured by the amount of time devoted to searching for a new job[...]

Although business ownership has implications for income inequality, wealth accumulation and job creation, surprisingly little research explores why Mexican-Americans are less likely to start businesses and why the businesses that they start are less successful on average than non-Latino whites...

Many firms use subjective performance appraisal systems due to lack of objectiveperformance measures. In these cases, supervisors usually have to rate the performance oftheir subordinates. Using such systems, it is a well established fact that many supervisorstend to assess the employees too...

We analyse the effect of skill mismatch in a search model of equilibrium unemployment with risk-neutral agents, endogenous job destruction, and two-sidedex-ante heterogeneity. First, we examine the interaction of labour market institutions and skill mismatch. We find that skill mismatch changes...