Abstract Choosing a type of education is one of the largest financial decisions we make. Educational investment differs from other types of investment in that it is indivisible and non-tradable. These differences lead agents to demand a premium to enter careers with more idiosyncratic risk....

Several investigators have studied the role of import competition in explaining wage behavior, with apparently conflicting results: Some have found a significant effect of import competition on wages in manufacturing, while others have found no such effect in the aggregate. This paper highlights...

Does imperfect competition increase the magnitude of business cycles? If so, the variability of an industry's employment and output should be positively related to the market power of firms in that industry. This paper demonstrates that the opposite is true: U.S. manufacturing industries with...