We investigate whether immigrant and minority workers' poor access to high-wage jobs---that is, glass ceilings---is attributable to poor access to jobs in high-wage firms, a phenomenon we call glass doors. Our analysis uses linked employer-employee data to measure mean- and quantile-wage...

Market expectations of future return volatility play a crucial role in finance; so too does our understanding of the process by which information is incorporated in security prices through the trading process. This paper seeks to learn something about both of these issues by investigating...

This paper develops an augmented Artificial Neural Network forecast-simulation procedure for estimating both the current fundamental price of a financial asset and the state-dependent distribution (including volatilities) from which future returns will be fundamentally drawn. The results provide...

We assume that people have beliefs about their abilities, that these generate self-esteem, and that self-esteem is valued intrinsically. Individuals face two choices; one of which strictly dominates the other in a pecuniary sense, but necessarily involves gathering information concerning one's...

Long ago I began teaching my students that they should consider knowledge to be like health rather than like wealth. That is, knowledge is not something quantifiable that you can have more of, instead, it is something that can be improved. Being a student of Karl Popper' philosophy science, this...

This paper develops a theory of income distribution in a growing economy from a search theoretic foundation. It focuses on a 'turbulent' growth process in which individual payoffs from ongoing advance hinge on search effort but are transient in the sense that each successive growth shock outdoes...