Firm's inability to monitor employees search efforts results in a tradeoff between risk-bearing and incentive considerations in the design of employment-related insurance. Since the provision of insurance against firm-specific shocks adversely affects workers' incentives to search out better...

Firms' inability to monitor their employees' search effort forces a tradeoff between risk-bearing and incentive considerations when designing employment-related insurance. Since the provision of insurance against firm-specific shocks adversely affects workers' incentives to find better jobs, the...

This paper provides an explanation for several important features of informal credit contracts negotiated in economies where households lack collateral, and ready access to legal authorities and formal financial institutions is absent. Our analysis highlights the choice between loans with...

We show that Canadian faculty unions have had no effect on university revenues, only a small positive effect on earnings, a negative effect on research output, and lead to earnings redistributions across disciplines and ranks. We argue that faculty unions have a negligible positive (and often...

The authors compare their constant-quality index of house prices in Toronto for the period 1974-89 with the standard Multiple Listing Service (MLS) index, which has widely acknowledged limitations. The short-run signals regarding price movements often diverge, and the MLS index suggests a more...