Quarterly Journal of Economics articles from August 1998

Quarterly Journal of Economics archives from August 1998

Are CEOs really paid like bureaucrats?
August 1, 1998... I. INTRODUCTION A common view of CEO compensation is that CEOs are paid like bureaucrats. There is said to be a weak link between the performance of large public companies and the compensation of their CEOs. For example, Jensen and Murphy...

The origins of technology-skill complementarity.
August 1, 1998... The recent coincidence of computerization and a widening wage structure has led many to conclude that new technologies and human capital are relative complements and that large injections of education may be necessary to reduce the impact of...

The paradox of liquidity.
August 1, 1998... I. INTRODUCTION The liquidity of an asset means the ease with which it can be traded. The more liquid a firm's assets, the greater their value in short-notice sales. Liquid assets are generally viewed as being easier to finance, other things...

Public versus private ownership of firms: evidence from rural China.
August 1, 1998... I. INTRODUCTION In studying economies in transition from planned to market, no single issue has received more attention from economists and policy makers than the one of property rights and ownership of firms. In Eastern Europe and the former...

Trend employment growth and the bunching of job creation and destruction.
August 1, 1998... I. INTRODUCTION Research on labor market dynamics has begun to focus on the two separate components of aggregate employment growth: the number of jobs created at expanding and newly born establishments (job creation) and the number of jobs...

Customer discrimination and employment outcomes for minority workers.
August 1, 1998... I. INTRODUCTION Empirical studies generally show that, even after controlling for individual productivity characteristics such as education and experience, blacks have lower levels of employment and earnings than whites. The residual earnings...

Measuring monetary policy.
August 1, 1998... I. INTRODUCTION Accurate measurement of the effects of changes in monetary policy on the economy is essential, both for good policy-making and for choosing among alternative macroeconomic theories. Unfortunately, attempts to quantify the links...

Is learning by exporting important? Micro-dynamic evidence from Colombia, Mexico, and Morocco.
August 1, 1998... I. INTRODUCTION Many analysts believe that export-led development strategies improve technical efficiency. And one oft-cited reason is that exporters may benefit from the technical expertise of their buyers:(1) Participating in export...

The behavior of U.S. public debt and deficits.
August 1, 1998... I. INTRODUCTION How do governments react to the accumulation of debt? Do they take corrective measures when the debt-GDP ratio starts rising, or do they let the debt grow? Empirically, it is difficult to reject a unit root in real debt and in...

Social capability and economic growth.
August 1, 1998... I. INTRODUCTION The conventional wisdom is that long-run rates of economic growth are not easily predicted. In the 1960s a variety of observers failed to predict either the East Asian miracle or the relative failure of sub-Saharan Africa....