Underlying idiosyncratic and illiquidity risks are suppressed in infrequently reported indexes of house prices and rents. Idiosyncratic risks result from bid-ask spreads for prices and rents. Time series autocovariances generate a distribution of prices and rents. Capital gains and rent-price...

Introduction / Peter T. Chinloy and Ernst W. Stromsdorfer -- A comparison of labor market equilibria under different institutional organizations / Nicholas H. Kiefer -- Wage flexibility in the United States and Japan / Masanori Hashimoto and John Raisian -- The impact of international trade...