The extent of international financial integration among the developed economies has been well documented in the literature. This paper examines whether there are lagged spillovers in return and volatility between the U.S. and Korea, an emerging economy, for a sample period including the...

In this paper, we study a model that incorporates costly job search into an efficiency wage model. We show that the relationship between wages and detection rates is ambiguous in this framework. The model can generate a positive relationship, consistent with empirically reasonable values for...