In this paper we provide a simple diagrammatic technique of incorporating variable labor supply into the specific factors model. We then use the framework to analyze the positive and normative effects of a minimum wage both with a broadly based employment lottery (on-the-job search) and with an...

In this paper, we calculate the real rate of return from purchasing the S&P 500 index from 1871 through 2001. We assume the investor purchases the index in January of each year and holds it forever, consuming dividends, but never selling the index itself or else selling it after its present...

Jared Kizerís analysis indicates the return to stock-picking skills is not enough to offset the additional transactions costs of a managed portfolio. Thus the superior performance of Vanguardís managed portfolio was due entirely to its tendency to overweight small stocks and value stocks...