This paper analyzes the nature of wage changes over a decade of labor market experience. Discontinuous changes (jumps) account for the preponderance of wage increases, as wage falls do for declines. A worker's jump and fall history also influences the likelihood of both promotions and quits...

We analyze the effects of a hypothetical change from the status quo with patent protection on pharmaceuticals to a world in which all patent rights on both existing and future branded drugs would be eliminated. Our analysis takes into account stylized facts concerning the nature of competition...

In this study I analyze the effects of tobacco excise tax changes on mortality. Reduced-form regressions of mortality rates on tobacco taxes for the years 1954-1988, with controls for state, year, income, alcoholic beverage taxes, age distribution, and unobserved health trends indicate that tax...

This study analyzes the effect of bicycle safety regulation in the United States and the United Kingdom using data on monthly injury rates. Unlike many previous studies of product safety regulation, a specific product regulation is analyzed, and long data series are available. In both countries,...

What is a benchmark bond? We provide a formal theoretical treatment of this concept that relates endogenously determined benchmark status to price discovery, and we derive its implications. We describe an econometric technique for identifying the benchmark that is congruent with our theoretical...

We present a simple framework in which both the exchange rates disconnect and forward bias puzzles are simultaneously resolved. The flexible-price two-country monetary model is extended to include a consumption externality with habit persistence. Habit persistence is modeled using Campbell...

We present a model that simultaneously explains why uncovered interest parity holds for some pairs of countries and not for others. The flexible-price two-country monetary model is extended to include a consumption externality with habit persistence. Habit persistence is modeled using Campbell...