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A turnpike theorem is proved for a general equilibrium model with finitely many immortal consumers.
When unemployed workers are available, why don't firms cut wages until the excess supply is eliminated, as would happen in the ideal markets depicted by conventional economic theory? This question has been central to the great macroeconomic debates that arose from the and the various authors represented in Mankiw and Romer (1991), have argued that wage… (More)
Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between… (More)
Naloxone hydrochloride eyedrops 1 mg/ml dilated the pupils of 36 out of 47 opiate addicts on methadone maintenance treatment, without precipitation of acute withdrawal effects, but not those of healthy unmedicated subjects. The response in addicts was attenuated by certain ancillary treatments and by withdrawal of methadone treatment. The size of the… (More)
D uring 1992 and 1993, I undertook a field study in the Northeast of the United States to learn why wages and salaries seldom fall during recessions. 1 I interviewed more than 330 business people, labor leaders, counselors of unemployed workers, labor market intermediaries (headhunters), labor lawyers, and management consultants. The purpose of the study… (More)
Outside employment was obtained by 630 resident male patients who had 1447 admissions to a South London Hospital between 1963 and 1969. This "working out" group were compared with all male patients admitted to the hospital during the same period and with a national sample from the Mental Health Enquiry for 1969. The working patients had 827 spells of… (More)