I. Introduction pWENTY YEARS have passed since Pro-fessor AW Phillips first brought the
attention of the economics profession to the relationship between inflation and …

During the sixties a cornerstone of economic policy was that permanent inflation results in
high levels of economic activity. This was based in large part on the observation that prices …

This paper reexamines the empirical basis for two" facts" that seem to be found in most cross-
section studies of immigrant earnings:(1) the earnings of immigrants grow rapidly as they …

This paper studies an industry with demand uncertainty which prompts risk-neutral firms to
act both as employers and as insurers of homogeneous, risk-averse laborers. The resulting …

7mplicit contracts resolve the distribution of uncertainty and utilization of specific human
capital between risk averse workers and less risk averse firms. Incomplete contracts are …

* This paper, in essentially its present form, was originally given at the Rochester
Conference on the Phillips Curve in April 1973 and is to appear together with other papers …

Rational expectations theory was originally developed by monetarist economists to buttress
their arguments that demand management policies could not be used to affect the real …

This introductory essay offers a brief guided tour of the main developments in the theory of
implicit contracts, from its inception to the present. It is not intended as a survey but, rather …

The relationship between education and unemployment incidence, although theoretically
clear-cut, has rarely been quantified. Some estimates of this relationship are obtained for …

In the past ten or so years, there has been a revival of interest in equilibrium models of the
business cycle. The view had been that accounting for the persistence of cyclical …