This paper analyzes the role of liquidity constraints in the formation of new
entrepreneurial enterprises. The basic empirical strategy is to determine whether an
individual's wealth affects the probability of becoming an entrepreneur, and the conditional
amounts of depreciable assets…

This paper examines tax return-generated data on the labor force behavior of people
before and after they receive inheritances. The results are consistent with Andrew Camegie’s
century-old assertion that large inheritances decrease a person's labor force participation. For
example, a…

Standard models of dynamic labor demand rely on the presence of
adjustment costs to explain the observed smoothness in employment patterns,
although the costs are often difficult to quantify. The experience rating
feature of the U.S. Unemployment Insurance (UI) system…

We study strike durations and outcomes for some 2000 disputes that occurred
between 1881 and 1886. Most post-strike bargaining settlements in the 1880s fell
into one of two categories: either a union "victory", characterized by a
significant wage gain or…

I use a sample of over fourteen thousand full-time jobs held by workers
in the National Longitudinal Survey of Youth (NLSY) to examine mobility
patterns and to evaluate theories of inter-firm worker mobility. The roles
of both heterogeneity and state…

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In The Wage Qurve, David G. Blanchflower and Andrew J. Oswald argue that there is
a fundamental negative relation between wages and the unemployment rate in a worker’s local
labor market. Blanchflower and Oswald use large-scale micro data sets to…

Who sets CEO pay? Our standard answer to this question has been shaped by principal agent theory:
shareholders set CEO pay. They use pay to limit the moral hazard problem caused by the low ownership
stakes of CEOs. Through bonuses,…

Germany has experienced a high and rising rate of anti-foreigner violence during the early
1990s. To analyze the determinants of crime against foreigners we assembled a new data set
on the number and nature of such crimes at the county…

During the 1980s wage differentials between younger and older
workers and between more and less educated workers expanded
rapidly. Wage dispersion among individuals with the same age
and education also rose. A simple explanation for both sets of
facts is…