The paper investigates the agency argument that sales growth in firms with free cash flow (and without strong governance) is less profitable than sales growth for firms without free cash flow. It also tests whether strong governance conditions improve the performance of firms with free cash flow...

Adams Smith presented the notion of the labor commanded by a commodity in the marketplace. Much of what we think and we know regarding Smith's value measure and its role in his larger system must be jettisoned. That alone qualifies this new view as deserving of the most careful inspection, and...

In this article and in related research, we argue the both family and income structure matter for a variety of labor market behaviors and outcomes for both women and men and that it is important to take these variables into account.

Not Available

Nominal output targeting is sometimes advocated as a guide for monetary policy on the grounds of simplicity and favorable macroeconomic performance. This study casts doubt on the second of these justification.

We develop the theoretical underpinnings of pairwise random matching mechanisms. We formalize the mechanics of matching, and study the links between properties of the different mechanisms and trade frictions. A particular emphasis is placed on providing exact mappings between matching...

In this paper we use an experimental approach to study the decisions of human subjects who are given cash incentives to solve a particular representative agent dynamic model widely studied in macroeconomics. In a representative agent dynamic model, an economy is modelled as a single decision...

While there can be no disputing Smith's clear intent to employ his labor-commanded unit as a medium of value measure, we are still left with the problem of reconciling the multiple forms and characteristics taken on by this measure and the various applications to which it is put.That is the task...