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On 23 July 2014, the U.S. Securities and Exchange Commission (SEC) passed the "Money Market Reform: Amendments to Form PF ," designed to prevent investor runs on money market mutual funds such as those experienced in institutional prime funds following the bankruptcy of Lehman Brothers. The...
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A key input to inventive activity is human capital. Hence it is important to understand the monetary incentives of inventors. We estimate the effect of patented inventions on individual earnings by linking data on U.S. patents and their inventors to Finnish employer-employee data. Returns are...
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We introduce two types of effort into an otherwise standard labor search model to examine indeterminacy and sunspot … equilibria. Variable labor effort gives rise to increasing returns to hours in production. This makes workers more valuable and … contributes to self-fulfilling profit expectations, raising the likelihood of indeterminacy. Variable search effort makes workers …
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