Gender‐Compensation Differences Among High‐Level Executives in the United States

Bertrand and Hallock (2001: 3) present compelling evidence that female executives in the United States earned 45 percent less total compensation than their male counterparts for 1992–1997. We complement their results by analyzing data over a longer time period and, more importantly, contend that most of the unexplained gender difference in total pay among executives was due to gender differences in the portion of variable pay, in particular a different cash payout from stock option exercises.     

MEASURING SOME EFFECTS OF THE 2011 DEBIT CARD INTERCHANGE FEE REFORM

In October 2011, new rules governing debit card interchange fees became effective in the United States. These rules limit the maximum permissible interchange fee that an issuer can charge merchants for a debit card transaction. Using new data from the Federal Reserve of Boston, Richmond, and San Francisco 2012 Diary of Consumer Payment Choice, this article provides simple calculations that identify the transaction values by consumer expenditure category for which interchange fees became higher and lower under the new rules. (JEL G28)     

A Model of Technology Gap,Product Cycle,and the Process of Catching up Between the North and the South*

The paper presents a multi-product two-country overlapping generations model of trade and innovation. We show that for a low level of innovation (unitation) in the South, firms in the North innovate at a level which guarantees a long-term technological gap between the North and the South. However, a high innovation level in the South leads to a situation where the South can catch up the North in a finite time. This model differs from the existing literature in two major aspects. a) Except for the head start of the North we assume that the North and the South are identical with respect to factor endowment and their ability to develop new goods. b) It is general enough to explain both the product cycle phenomena and the catching-up process.