The Solow condition is examined in an intertemporal model that blends the shirking and the turnover models of efficiency wages with managerial supervision. It is shown that the Solow condition does not hold when shirking and turnover costs are considered. The Solow condition can be a possible outcome when managerial productivity offsets shirking and turnover costs. JEL Classification: J50, J41,...

Designing an effective HIV-1 envelope glycoprotein (Env) immunogen for elicitation of broadly neutralizing antibodies (bNAbs) is a challenging task because of the high sequence diversity, heavy glycosylation, and inherent meta-stability of Env. Based on the antigenic profile of recently isolated bNAbs, the rational approach to immunogen design is to make a stable version of the Env trimer, whic...

An ideal HIV-1 Env immunogen is expected to mimic the native trimeric conformation for inducing broadly neutralizing antibody responses. The native conformation is dependent on efficient cleavage of HIV-1 Env. The clade B isolate, JRFL Env is efficiently cleaved when expressed on the cell surface. Here, for the first time, we report the identification of a native clade C Env, 4-2.J41 that is na...

More on Unemployment and Vacancy Fluctuations Shimer (2005a) argues that the Mortensen-Pissarides equilibrium search model of unemployment grossly under predicts the size of the response in the job finding rate to a productivity shock. Some of the recent papers inspired by his critique are reviewed and commented on here. Specifically, I suggest that the problem is not procyclicality of the wage...

Article history: Received 26 October 2012 Available online 23 October 2015 JEL classification: J41 J24 D21

This paper argues that the textbook search and matching model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the United States, the standard deviation of the vacancy-unemployment ratio is almost 20 times as large as the standard deviation of average labor productivity, while the search model...

Using a unique cross-national survey of publicly traded firms in Indonesia, Korea and Thailand, we provide the first systematic cross-national evidence on the incidence, diffusion, nature, and scope of Joint Labor-Management Committees (JLMCs) and shed light on the potential role of employee stakeholders in corporate governance in Asia. We find insofar as publicly traded firms in these three co...

The standard theory of equilibrium unemployment, the Mortensen-Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies. Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of m...

Job Search, Human Capital and Wage Inequality The objective of this paper is to construct and quantitatively assess an equilibrium search model with on-the-job search and general human capital accumulation. In the model workers enter the labour market with different abilities and firms differ in their productivities. Wages are dispersed because of search frictions and workers’ productivity diff...

Hiring and Firing Costs, Adverse Selection and Long-Term Unemployment * In this paper, we present a matching model with adverse selection that explains why flows into and out of unemployment are much lower in Europe compared to North America, while employment-to-employment flows are similar in the two continents. In the model, firms use discretion in terms of whom to fire and, thus, low quality...