We develop a semi-structural price vector autoregression to capture coffee price dynamics over various time horizons. The presence of the International Coffee Agreement is permitted to alter supply responses to price signals through yield and planting effects. In the short run, the ICA caused...

We hypothesize two sources for sheepskin effects – signaling, and diplomas tied to jobs with downwards rigid wages. These theories have implications for diploma effects not only in the first, but also the second moments of the Mincerian earnings distribution that we are able to identify using a...