We compare Transparency and Privacy in credit markets. A long-lived borrower, who has a risky investment opportunity …, seeks loans from a sequence of short-lived lenders. Under Transparency, all the information about the past investment … shared under Privacy. We first show that under both Transparency and Privacy, the iterated elimination of dominated …

natives' wages, and that skilled immigration can actually increase them. We develop a model with regional labor markets and … is halved when the across-firm and across-region reallocation mechanisms are at work. Finally, both theory and … but skill-biased on aggregate, skilled immigration can increase absolute and relative skilled wages. Therefore, firm …

employer-employee data on Danish manufacturing firms, we document a negative elasticity between wages and firm scope, which is … of a similar magnitude but opposite sign as the firm-size wage premium. We rationalize the wage discount using a theory … to offer lower wages. Our findings have important implications for understanding labor market dynamics in times of rising …

offering bargain wages rather than posting fixed wages. Contrary to the theoretical predictions provided by the literature, we …