Conventional analyses of labor market fluctuations ascribe a minor role to labor force
participation. We show, by contrast, that flows-based analyses imply that the participation …

Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for
the volatility of unemployment fluctuations. We use worker-level data from the CPS to …

Important progress has been made in economists' understanding of the Beveridge curve,
from its measurement to its expression in canonical labor market models. Yet enduring …

We build a hybrid model of the aggregate labor market that features both standard labor
supply forces and frictions in order to study the cyclical properties of gross worker flows …

We develop a theoretical model with labour market frictions, incomplete financial markets,
and with households which have two members. Households face unemployment risks, but …

Using a representative-household search and matching model with endogenous labor force
participation, we study the cyclicality of labor market transition rates between employment …

Vacancies are the key equilibrium margin in canonical theories of unemployment,
describing employers' job creation. The point of this paper is that vacancies can also arise …

We develop an equilibrium search model with a labor force participation decision, job-to-job
transitions, and endogenous separations. The calibrated model perfectly matches the …

We build a three-state general equilibrium model of the aggregate labor market that features
both standard labor supply forces and labor market frictions. Our model matches key …

REVISED MARCH 2019 Using a representative-household search and matching model with
endogenous labor force participation, we study the interactions between extensive-margin …