The finance industry has grown. Financial markets have become more liquid. Information technology has improved. But have prices become more informative? Using stock and bond prices to forecast earnings, we find that the information content of market prices has not increased since 1960. The...

In this article, we study the impact of changes of total labor costs on employment of low-wage workers in France in a period, 1990 to 1998, that saw sudden and large changes in these costs. We use longitudinal data from the French Labor Force survey (? enqu?te emploi ?) in order to understand...

We use longitudinal individual wage and employment data in France and the United States to investigate the effect of changes in the real minimum wage rate on an individual?s employment status. We focus on workers employed at wages close enough to the minimum in a reference year as to be illegal...

When it became clear that the COVID-19 pandemic required widespread lockdown of all but essential firms, most governments took measures to protect vulnerable workers and firms from the worst effects of the sudden drop in activity. These measures included unemployment benefits, grants, transfers,...

Chapter 1 focuses on corporate governance and business cycles. The delegation of control to insiders fosters initiative but it also gives them the opportunity to expand their firm beyond the profit-maximizing size. When goods markets are imperfectly competitive, firms are too small relative to...