This paper develops a tractable job search model with information friction to analyze the underlying link between the performance-based compensation scheme and labor market fluctuations. Workers privately learn their match quality upon starting the job and keep searching for better paying jobs....

This paper develops a tractable multi-sector endogenous growth model with labor market friction and human capital accumulation to analyze the underlying link between economic growth and labor market institutions. The model, calibrated based on the Japanese structural transformation episodes,...

This paper, motivated by the so-called North-South problem in trade, analyzes ex ante trade preferences and the source of potential political conflicts regarding trade lib- eralization. Developing a dynamic extension of the traditional Heckscher-Ohlin model with imperfect labor mobility and...

This paper analyzes the coexistence of on-the-job (general) training and on-the-job search in a frictional labor market where firms post skill-dependent labor contracts to preemptively back-load compensation after training. The back-loaded compensation scheme discourages trained workers'...

We analyze the provision of informal general training in the frictional labor market in which employers cannot commit to training levels and workers cannot commit to stay. We demonstrate that employers' training decisions are driven by both an investment motive, to improve productivity, and a...

Korean Abstract: 본 연구는 벡터자기회귀모형을 이용하여 미국경제와 한국경제에서의 가계부채, 시장이자율, 그리고 실질실효환율 등의 경기변동성을 분석하였다. 실증분석결과, 한국(미국)의 민간신용대비 가계부채 비율은...