Recently developed effort regulation models argue that labor markets are segmented because of differences in the technology of supervision across firms. primary jobs pay above market clearing wages because these jobs are difficult to monitor. Secondary jobs, in contrast, pose no monitoring...

This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the...

This paper provides a unified explanation for the existence, time-series variation, and recent boom of the Special Purpose Acquisition Company (SPAC). We begin by documenting four empirical patterns regarding U.S. SPACs: (1) SPAC issuance boomed in 2007 prior to the Global Financial Crisis and...

It is widely recognized that the EU that emerged from the financial and refugee crises of the last decade has become more differentiated. Such a development brings forth important questions about the nature and character of the EU as a political system, and the kinds of processes and mechanisms...

China has announced its commitment to peak carbon emissions before 2030 and reach carbon neutrality by 2060. However, market segmentation might hinder these achievements because it creates carbon leakage among provinces. This study aims to empirically examine the impact of market segmentation on...

We use HILDA data from 2001 - 2006 to analyse the source of the gender wage gap across public- and private-sector wage distributions in Australia. We are particularly interested in the role of gender segregation within sector-specific occupations in explaining relative wages. We find that,...

This paper develops a new method to study how workers’ career and wage profiles are shaped by internal labor markets (ILM) and job hierarchies in firms. Our paper tackles the conceptual challenge of organizing jobs within firms into hierarchy levels by proposing a data-driven ranking method...

China repos trade in the over-the-counter interbank market as well as the stock exchange. This paper examines the behaviours, sources, and drivers of the spread between China’s exchange and interbank repo rates from December 2006 to June 2018. After adjusting for different day-count quoting...