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Measuring Business Cycle Time
(University of Chicago Press, 1987)
The business cycle analysis of Burns and Mitchell and the National Bureau of Economic Research presumed that aggregate economic variables evolve on a time scale defined by business cycle turning points rather than by months ...
The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
(University of Chicago Press, 1986)
Our theory of costly contracts emphasizes that contractual rights can be of two types: specific rights and residual rights. When it is costly to list all specific rights over assets in the contract, it may be optimal to ...
Unemployment with Observable Aggregate Shocks
(University of Chicago Press, 1983)
A general equilibrium model of' optimal employment contracts is developed where firms have better information about labor's marginal product than workers. It is optimal for the wage to be tied to the level of employment, ...
Collective Bargaining Laws, Threat Effects, and the Determination of Police Compensation
(University of Chicago Press, 1989)
This article demonstrates that state collective bargaining laws are important determinants of union and nonunion public employee compensation. State laws that provide stronger bargaining rights and ensure closure to the ...
Price Destabilizing Speculation
(University of Chicago Press, 1986)
It is sometimes asserted that rational speculative activity must result in more stable prices because speculators buy when prices are low and sell when they are high. This is incorrect. Speculators buy when the chances of ...
Industrialization and the Big Push
(University of Chicago Press, 1989)
This paper explores Rosenstein-Rodan's idea that simultaneous industrialization of many sectors of the economy can be profitable for them all even when no sector can break even industrializing alone. We analyze this idea ...
Takeover Threats and Managerial Myopia
(University of Chicago Press, 1988)
This paper examines the familiar argument that takeover pressure can be damaging because it leads managers to sacrifice long-term interests in order to boost current profits. If stockholders are imperfectly informed, ...
Dynamics of a Floating Exchange Rate Regime
(University of Chicago Press, 1982)
We study the full equilibrium dynamics of a two-country world economy with a floating exchange rate, traded and nontraded goods, and explicit modeling of the use of money. The resulting exchange rate equation depends on ...
Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?
(University of Chicago Press, 1986)
Recent work by David Lilien has argued that the positive correlation between the dispersion of employment growth rates across sectors (a) and the unemployment rate implies that sectoral shifts in labor demand are responsible ...
Product Development and International Trade
(University of Chicago Press, 1989)
We develop a multicountry, dynamic general equilibrium model of product innovation and international trade to study the creation of comparative advantage through research and development and the evolution of world trade ...