Over the past quarter century, labor's share of income in the United States has trended
downward, reaching its lowest level in the postwar period after the Great Recession. A …

Over the past decade an increasing number of central banks and other policy institutions
have developed and estimated medium-scale New Keynesian DSGE models. 1 The …

Many firms issue stock options to all employees. We consider three potential economic
justifications for this practice: providing incentives to employees, inducing employees to sort …

Abstract The standard New Keynesian model with staggered wage setting is shown to imply
a simple dynamic relation between wage inflation and unemployment. Under some …

This study investigates the corporate risk‐taking and the performance consequences at
different stages of the firm life cycle. We find that risk‐taking is higher in the introduction and …

We find that fixed effects related to the location of firms' headquarters explain variation in
broad based option grants after controlling for industry effects and firm characteristics …

Alan Greenspan was sworn in as Chairman of the Board of Governors of the Federal
Reserve System almost exactly 18 years ago. At the time, the Reagan administration was …

We document two changes in post-war US macroeconomic dynamics: the procyclicality of
labour productivity vanished, and the relative volatility of employment rose. We propose an …

We examine whether options granted to non-executive employees affect firm performance.
Using new data on option programs, we explore the link between broad-based option …

Lazonick explores the origins of the new era of employment insecurity and income
inequality, and considers what governments, businesses, and individuals can do about it …