We empirically establish that unemployed individuals maintain significant access to credit
and that upon a layoff, the unconstrained borrow while the constrained default and delever …

We study the positive and normative implications of labor market policies that counteract the
economic fallout from containment measures during an epidemic. We incorporate a …

In this paper, I show that the decline in household consumption during unemployment spells
depends on both liquid and illiquid asset positions. I also provide evidence that …

I document a small spousal earnings response to the job displacement of the family head.
The response is even smaller in recessions, when earnings losses are larger and additional …

Earnings growth is more procyclical at the bottom of the income distribution than at the top.
Using high-quality administrative data from Germany, I show that the heterogeneity is chiefly …

During recessions, the US government substantially increases the duration of
unemployment insurance (UI) benefits through multiple extensions. Benefit extensions …

Consider a union of atomistic member states, each faced with idiosyncratic business-cycle
shocks. Private cross-border risk-sharing is limited, giving a role to a federal unemployment …

This paper analyzes the welfare effects of unemployment insurance in a life-cycle model,
focusing on partial vs. general equilibrium effects. We study an OLG economy with learning …

Abstract We examine how Labor-Force Participation (LFP) margins influence unemployment
through their interactions with wealth accumulation. For this, we construct a job search and …

In the US, 40% of students drop out of college. While dropout decisions may constitute an
efficient response to students' discovering their low academic ability, they may be inefficient …