We use a repeated large-scale survey of households in the Nielsen Homescan panel to characterize how labor markets are … implied by new unemployment claims: we estimate 20 million lost jobs by April 6th, far more than jobs lost over the entire … rise in the unemployment rate over the corresponding period to be surprisingly small, only about 2 percentage points. Third …

This chapter assesses how models with search frictions have shaped our understanding of aggregate labor market outcomes … in two contexts: business cycle fluctuations and long-run (trend) changes. We first consolidate data on aggregate labor … processes affect aggregate labor market outcomes …

unemployment. We show that heterogeneity, reflecting differences in match quality and worker assets, reduces the extent of … fluctuations in separations and unemployment. We find that the model faces a trade-off--it cannot produce both realistic dispersion … in wage growth across workers and realistic cyclical fluctuations in unemployment …

using data from the labor market. We estimate the "excess sensitivity" of job search behavior to cash-on-hand using sharp … discontinuities in eligibility for severance pay and extended unemployment insurance (UI) benefits in Austria. Analyzing data for over …

vacancy-unemployment ratio and labor productivity have nearly the same variance. I establish this claim both using analytical …-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment … ratio is 20 times as volatile as average labor productivity, while under weak assumptions, search models predict that the …

the unskilled. By contrast, in Europe it is undoubtedly the rise and persistence of unemployment. Technology has been … identified as a key reason for the rising US wage inequality, while labor market rigidities are often cited as a key reason for … European unemployment. This paper seeks to provide a unified account of these major factor market developments. It models the …

We measure the impact of labor market referral networks defined by residential neighborhoods on re-employment following … labor market network that includes not only the number of employed neighbors of a laid off worker, but also the gross hiring … some evidence that local labor market networks are linked to re-employment following mass layoffs for lower-earning workers …

labor market. Technology shocks alone replicate remarkably well the volatility in vacancies, unemployment and finding … and Sweden). We conduct inference with mixed frequency data, combining quarterly series for unemployment, vacancies, GDP …, consumption, and investment, with annual data on unemployment flows. Parameters and shocks are estimated separately for each …

employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of … labor--both jobseeking and recruiting. The nonproductive use of labor is well measured by the number of jobseekers and … such symmetry, the labor market is efficient when there are as many jobseekers as vacancies (u = v), too tight when there …