Any meaningful reform of the US Social Security system must deal with the system's current outstanding accumulated unfunded liabilities. The authors model these as a once-off financial liability payable 'tomorrow'. They show that if the equity premium puzzle arises from adverse selection...

I use a unique data set of Canadian displaced workers to measure the effects of firm of employment on wages. This data set has the advantage of consisting of a sample of workers changing jobs for reasons (product demand shifts or technological changes) that are largely orthogonal to their...

We develop a ten variable structural VAR model of the Australian economy for the period 1980 to 1995. The VAR methodology has not been widely applied in the Australian context, despite its popularity in quantitative macroeconomics internationally.

In traditional theories of regulation, any signal of a firm's activity that is informative will be used for an incentive scheme. This paper develops a simple theory of deregulation in which the manager of a firm is able to distort reports of firm activity, making the degreee of verifiability of...

This paper emphasises the importance of incorporating household production into the 'collective model' of the household, and considers how and to what extent the results of Chiappori (1992) can be extended to this case.