The Great Recession has renewed interest in unemployment insurance (UI) programs
around the world. At the same time, there have been important advances in both theory and …

We show that deterioration in household balance sheets, or the housing net worth channel,
played a significant role in the sharp decline in US employment between 2007 and 2009 …

The goal of this chapter is to study how, and by how much, household income, wealth, and
preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the …

We review the main distributional effects of the Great Recession and the ways in which
those effects have been organized into narratives. The Great Recession may affect poverty …

We develop and estimate a general equilibrium search and matching model that accounts
for key business cycle properties of macroeconomic aggregates, including labor market …

Contrary to standard search models predictions, past studies have not found a positive effect
of unemployment insurance (UI) on reemployment wages. We estimate a positive UI wage …

The authors assess the critique by Neumark, Salas, and Wascher (2014) of minimum wage
studies that found small effects on teen employment. Data from 1979 to 2014 contradict …

We estimate that unemployment insurance (UI) extensions reduce reemployment wages
using sharp age discontinuities in UI eligibility in Germany. We show this effect combines …

Most countries have automatic rules in their tax‐and‐transfer systems that are partly
intended to stabilize economic fluctuations. This paper measures their effect on the …

Making inferences about aggregate business cycles from regional variation alone is difficult
because of economic channels and shocks that differ between regional and aggregate …