Financial frictions are known to raise the volatility of economies to shocks (e.g. Bernanke andGertler 1989). We follow … this line of research to the labor literature concerned by the volatility of labor market outcomes to productivity shocks … are a good candidate to solve the volatility puzzle and rejoin Pissarides (2009) in arguing that hiring costs must be …

This paper accounts for the value of children and future generations in the evaluation of health policies. This is … evaluation of current policies. Our model clarifies a series of puzzles from the literature on the "value of life" and on …

This paper reviews some of the most popular policy evaluation methods in empirical microeconomics: social experiments … evaluation literature. A workhorse simulation model of education returns is used throughout the paper to discuss and illustrate …

business cycle volatility, hinting at a stabilizing effect of public employment, while public wages correlate weakly and … positively with business cycle volatility, hinting at a destabilizing effect of public wages. To explain these relationships, we …

There is a large literature on earnings and income volatility in labor economics, household finance, and macroeconomics …. One strand of that literature has studied whether individual earnings volatility has risen or fallen in the U.S. over the …. Using common specifications, measures of volatility, and other treatments of the data, four of the six data series show a …

volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the …