Does a central bank influence inflation expectations through its publicized forecast? Does
such influence depend on how accurate the central bank's forecasts have been? Given the …

We investigate how the incompleteness of an employment contract—discretionary and
noncontractible effort—can affect an employer's decision about cutting nominal wages …

Many jobs serve a social purpose beyond profit maximization, contributing positively to
society. This paper uses a modified principal-agent gift-exchange game with positive …

We develop a model of incomplete employment contracts such that employees have some
discretion over effort, which depends on their work morale. Nominal wage cuts have a strong …

Decades of research has shown that people often deviate from their self-interests to comply
with social norms, especially when exposed to others' scrutiny. While economic incentives …