We document a clear downward trend in labor market fluidity that is common across a variety of measures of worker and job turnover. This trend dates to at least the early 1980s if not somewhat earlier. Next we pull together evidence on a variety of hypotheses that might explain this downward...

This paper studies employment decisions at U.S. companies over the 2007-2012 period, during and after the Great Recession. To this end, I build a panel dataset that matches publicly-listed companies' financial reports to their announced layoff episodes. Using limited dependent variable...

To predict the effects of the 2020 U.S. CARES act on consumption, we extend a model that matches responses of households to past consumption stimulus packages. The extension allows us to account for two novel features of the coronavirus crisis. First, during the lockdown, many types of spending...