We provide a joint account of the unemployment and labor force participation patterns of older male workers during the past half-century, and of the role of institutions that have shaped their employment experience. To do so, we build an equilibrium model with labor market frictions,...

This paper studies the secular behavior of worker reallocation across occupations in the US labor market. In the empirical analysis, we use 45 years of microdata to construct consistent time-series and document that the fraction of employment reallocated annually across occupations is remarkably...

We study the effects of front-loading the payment of unemployment benefits in general equilibrium economies with imperfect labor and insurance markets, focusing on the trade-off between improved re-employment rates and the potential welfare losses accruing from consumption-smoothing problems....

We study the effects of job-security provisions through the lens of a search-matching model with risk-neutral employers, risk-averse workers and incomplete asset markets. This setting limits the ability of agents to reallocate payments over time, and thereby to undo any mandatory transfer...

We study the effects of front-loading the payment of unemployment benefits in an equilibrium matching framework with precautionary savings. Front-loading the benefit system trades off fewer means to smooth consumption at long unemployment durations for improved insurance upon job loss. In the...