We use a panel of survey responses linked to administrative data in Germany to measure the depreciation of skills while workers are unemployed. Both the reemployment hazard rate and reemployment earnings steadily fall with unemployment duration, and indicators of depression and loneliness rise...

We document the sources behind the costs of job loss over the business cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns. A large part of the long-term earnings losses...

We find expectations are more sensitive to economic growth than traditional wellbeing metrics. We examine Eurobarometer micro data from 1973-2023 on movements in life satisfaction along with data from 1995-2022 on five expectations variables on and individual's life and their financial and job...

To spur entrepreneurship and economic growth, an increasing number of countries have introduced immigration policies that provide visas to skilled entrepreneurs. This paper investigates whether these policies influence the founding location choice of immigrant founders, by leveraging the...

We develop a theory of labor markets with four features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Inefficient job separations occur in the form of endogenous quits and layoffs that are unilaterally initiated whenever a worker's...

Labor market tightness following the height of the Covid-19 pandemic led to an unexpected compression in the US wage distribution that reflects, in part, an increase in labor market competition. Rapid relative wage growth at the bottom of the distribution reduced the college wage premium and...

Most governments are mandated to maintain their economies at full employment. We propose that the best marker of full employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of labor--both jobseeking and recruiting. The...

Using data from the largest online job portal in Nigeria, we document: (a) gender differences in salary offers for jobs, and (b) the response of (a) to recessions. Jobs in industries where the number of job applicants skews female, offer lower starting salaries than jobs in industries where...

We contrast the spatial mismatch hypothesis with what we term the racial mismatch hypothesis - that the problem is not a lack of jobs, per se, where blacks live, but a lack of jobs where blacks live into which blacks are hired. We first report new evidence on the spatial mismatch hypothesis,...

We provide the first estimates of ethnic segregation between 1850 and 1940 that cover the entire United States and are consistent across time and space. To do so, we adapt the Logan-Parman method to immigrants by measuring segregation based on the nativity of the next-door neighbor. In addition...