This paper determines the optimal level of firm-specific training and the optimal level of layoffs when some workers are unreliable in that they may receive and accept offers from outside the firm; more specifically, the paper determines the evolution of firm-specific training and layoffs as a...

Abstract Limited participation models explain a short-run liquidity effect as arising from the redistribution of income from non-participants in the bond market to participants in the bond market. However, these models also imply that the liquidity effect is smaller the larger is long-run money...

Most of empirical modeling involves the use of Ordinary Least Squares regression where the residuals are assumed normal, independent, and identically distributed. In finite samples, these assumptions becomes critical for accurate estimations, however, in macroeconomics in particular, these...

Technological progress, human capital, and tax policies play an important role in growth. Recent models of endogenous growth based on technological progress predict that high technological progress and growth are associated with a high relative supply of skilled workers who earn constant or...

New Zealand experienced dramatic restructuring programsafter the Labor party won the national elections in 1984.Deregulation of price controls, removal of the log exportban, and privatization of public assets were the mainshocks to the forest sector. The purpose of this paper isto analyze the...