I: Introduction -- 1: Overview and Summary -- II: Econometric Specifications of the Disequilibrium Model -- 2: Previous Specifications -- 3: The Exact Excess Demand Specification -- 4: Evaluating the Exact Excess Demand Specification -- Appendix A: Linear Spillovers -- III: Estimation of a...

Since the early 1980s, the U.S. economy has experienced a growing wage differential: high-skilled workers have claimed an increasing share of available income, while low-skilled workers have seen an absolute decline in real wages. How and why this disparity has arisen is a matter of ongoing...