returns with employers. Fewer vacancies are opened, and unemployment falls by less than is evident from the data. However … less in a boom than would be suggested by the standard vacancy-unemployment ratio alone. Instead, the ratio of vacancies to … show that on-the-job search greatly reduces the volatility of true labor market tightness, compared to a benchmark model …

. Those estimates are based on consumption data for the United States as a whole. The volatility of aggregate consumption … about actual consumption volatility is lost by averaging consumption figures across all 50 U.S. states. Using state …-level consumption data, we show that the welfare cost of macroeconomic volatility is in fact very substantial. In many states, the …

volatility of GDP and stock market indices for developing countries. The model fails to replicate the actual volatility of stock …