We develop and estimate a general equilibrium model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, wages are not subject to exogenous nominal rigidities. Instead we derive wage...

We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal...

In this article, we use Data Envelopment Analysis (DEA) to measure the efficiency of Portuguese football clubs in the First League for seasons 2002/03 to 2008/09. Clubs spend different amounts of money on their players and use different incentive devices to achieve their aims for each season....

This paper contributes to the understanding of how small firms are organized and managed. It tests an entrepreneur-worker matching model in small entrepreneurial firms. The model contemplates the existence of complementarities between workers’ and entrepreneur’s skills. Using a Portuguese...

The creation of new knowledge is a case in which agents' behaviour can affect the performance of other actors positively, given that new knowledge creates positive externalities in the market. In this context, we investigate the existence of performance spillovers associated with innovation...

The relationship between the worker’s career path and wage growth is studied using a longitudinal sample of large firms. The econometric analysis shows that promoted workers receive a positive wage premium even if they stay in the same job level. Demotions are associated with negative wage...

This paper studies the careers of top managers using a large panel of firms. The main objective is to empirically evaluate the role of learning and human capital acquisition in promotion dynamics along with variables capturing the formation of internal labour market (ILM) practices. We find that...

This study uses detailed longitudinal matched employer–employee data to examine the impact of entrepreneurial experience on job assignments, careers, and wages. The results suggest that there are significant differences in career mobility between former business owners and workers who were...