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According to standard economic models, adverse demand shocks will lead to bigger
employment losses if institutional factors like minimum wages and trade unions prevent real
wages from falling. Some economists have argued that this insight explains the contrast
between the…

This paper uses job applications data to test the existence of non-competitive, ex—ante rents in the labor market. We first examine whether
jobs that pay the legal minimum wage face an excessive supply of labor as
measured by the number…

This paper studies the effect of labor relations on product quality. We consider whether a
long, contentious strike and the hiring of permanent replacement workers by
Bridgestone/Firestone in the mid-1990s contributed to the production of an excess
number of defective…

In 1987 the federal government permitted states to raise the speed limit on their rural interstate roads, but not on their urban interstate roads, from 55 mph to 65 mph for the first time in over a decade. Since the…

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