This paper demonstrates that the behavior of the conventional Phelps-Taylor model of overlapping wage contracts stands in stark contrast with important features of U.S. macro data for inflation and output. In particular, the Phelps-Taylor specification implies far too little inflation...

A benefit-cost study of New York State's Centers for Advanced Technology (CAT) program was undertaken to (1) respond to increasing legislative and executive demands for quantitative assessments of these programs; (2) demonstrate the feasibility, within identified limits, of evaluating the...

When contracting is costly, members of a production team will seek assurance that the transaction-pecific investments they make will be protected. The institutional framework created by a firm in such a setting can be considered a constitution. Under some circumstances, firms will create...