Pay Cuts for the Boss: Executive Compensation in the 1940s
---- Acknowledgements -----
We thank Price Fishback, Claudia Goldin, Eric Hilt, Larry Katz, Bob Margo and seminar participants at Harvard University and the NBER Summer Institute for valuable comments. We are particularly grateful to Catherine Muething and Kevin Pan for excellent research assistance. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff, the Board of Governors, or the National Bureau of Economic Research.