We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over … volatility of hours over the life cycle depends on the value of the intertemporal elasticity of labor supply. When individuals … accumulate skills by on-the-job training, there are only weak effects on both the steady-state labor supply and its volatility …

replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth … market are essential for understanding the volatility of unemployment. These models include simple equilibrium wage … stickiness, where the sticky wage is an equilibrium selection rule. A second model based on modern bargaining theory delivers a …

natural-language-processing methods to measure firms' narratives. Consistent with the theory, narratives spread contagiously …

In this paper we investigate the sources of the important shifts in the volatility of U.S. macroeconomic variables in … the postwar period. To this end, we propose the estimation of DSGE models allowing for time variation in the volatility of … investment specific technology shocks account for most of the sharp decline in volatility of the last two decades …

This paper studies three different measures of monthly stock market volatility: the time-series volatility of daily … market returns within the month; the cross-sectional volatility or 'dispersion' of daily returns on industry portfolios …, within the month. Over the period 1962-97 there has been a noticeable increase in firm-level volatility relative to market …

capita). Since cyclical income volatility is much larger in the developing world, these two critical facts raise fundamental …