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 …

We document two changes in post-war US macroeconomic dynamics: the procyclicality of
labour productivity vanished, and the relative volatility of employment rose. We propose an …

Among many challenges that first-generation college students face, navigating how to
balance the financial costs of college with covering monthly expenses can be particularly …

We examine optimal monetary policy in the presence of inequality by introducing unskilled
agents with no access to the financial system into a DSGE model with sticky prices. Our main …

Based on a time-varying factor-augmented vector autoregression, we demonstrate that the
propagation mechanism of monetary policy disturbances differs across disaggregate …

We add downward nominal wage rigidity to a standard New Keynesian model where the
zero lower bound on nominal interest rates is allowed to bind. Wage rigidity reduces the …

The paper re-examines whether the Federal Reserve's monetary policy was a source of
instability during the Great Inflation by estimating a sticky-price model with positive trend …

A shift in the design of labor compensation occurred at around the mid-1980s in the US and
deals with an increased role of performance pay in driving the cyclical movements of wages …

The objective of this paper is to assess whether the levels of unionization and the rigidity of
exchange rates represent a constraint for the monetary policy in South-Eastern Europe and …

In this paper we investigate, against the background of Goodwin's (1967) growth cycle
model, a dual labor market economy and the consequences of introducing an …