We modify the Diamond-Dybvig model studied in Green and Lin to incorporate a self-interested banker who has a private record-keeping technology. A public record-keeping device does not exist. We find that there is a trade-off between sophisticated contracts that possess relatively good...

In this paper, we investigate the extent to which changes in U.S. labour market policy in the 1980s may have contributed to the emergence of an unemployment rate gap between Canada and the United States.

In this paper, we investigate the extent to which changes in U.S. labour market policy in the 1980s may have contributed to the emergence of an unemployment rate gap between Canada and the United States.