Wage posting models of job search typically assume that firms can commit to paying workers the posted wage. This paper investigates the consequences of relaxing this assumption. Under "downward" commitment firms can commit only to paying at least their advertised wage. We show that wage posting...

Wage posting models of job search typically assume that firms can commit to paying workers the posted wage. This paper investigates the consequences of relaxing this assumption. Under ``downward'' commitment, firms can commit only to paying at least their advertised wage. We show that wage...

This paper presents a dynamic model of structural unemployment and occupational choice in which an economy is subjected to aggregate reallocation shocks and workers may choose to incur costs to retrain in order to move into occupations that pay higher wages. As it is costly for workers to...

This paper presents a dynamic model of structural unemployment and occupational choice in which an economy is subjected to aggregate reallocation shocks. Reallocation shocks, which change the relative labour productivity across occupations, drive variation in the distribution of workers across...

This paper examines the role of transparency in a benevolent monetary authority's policies. Each firm's payoff depends on unobservable macroeconomic conditions and firms may incur a cost to acquire private information about macroeconomic conditions. The policy authority attempts to infer the...

Inflation in many Organisation for Economic Co-operation and Development (OECD) countries was low in the 1960s, rose for a time before peaking in the 1970s or early 1980s, and then fell back to initial levels. This paper shows that a simple time inconsistency model of monetary policy does not...

This paper examines optimal policy when agents, private investors and a government, can learn about the economy by observing others. Investors can delay investment in order to exploit future information. Importantly, investors ignore the informational value of their actions to others when...

No abstract available.

This paper begins by reviewing the empirical properties of the Phillips Curve in both Canada and the U.S over the last forty years. In particular, we document the extent to which the slope of the Phillips Curve has declined in both countries over the nineties. Then, building upon a commonly used...

This Appendix is supplemntary to "Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment".