U.S. CPS gross flows data indicate that in recessions firms actually increase their hiring rates from the pools of the … dynamic behavior of the labor share of GDP. The counter-cyclicality of hiring rates and job values, which may appear counter … productivity and the forward-looking concept of job value. The paper explains the high volatility of firm recruiting behavior, as …

Hiring is a costly activity reflecting firms' investment in their workers. Micro-data shows that hiring costs involve … optimal allocation of hiring activities. We outline a mechanism based on cyclical markup fluctuations, placing emphasis on … hiring frictions interacting with price frictions. This mechanism generates strong propagation and amplification of all key …

Hiring is a costly activity reflecting firms' investment in their workers. Microdata show that hiring costs involve … optimal allocation of hiring activities. We outline a mechanism based on cyclical markup fluctuations, placing emphasis on … hiring frictions interacting with price frictions. This mechanism generates strong propagation and amplification of all key …

We reassess the role of vacancies in a Diamond-Mortensen-Pissarides style search and matching model. In the absence of … free entry long lived vacancies and endogenous separations give rise to a vacancy depletion channel which we identify via …

We reassess the role of vacancies in a Diamond-Mortensen-Pissarides style search and matching model. In the absence of … free entry long lived vacancies and endogenous separations give rise to a vacancy depletion channel which we identify via …

We reassess the role of vacancies in a Diamond-Mortensen-Pissarides style search and matching model. In the absence of … free entry long lived vacancies and endogenous separations give rise to a vacancy depletion channel which we identify via …

volatility extends beyond the U.S. to a set of OECD countries. That is, the volatility puzzle is ubiquitous. We argue cross … proposed in Hagedorn and Manovskii (2008) continues to deliver counterfactually low volatility in countries where labor … enough volatility depends on vacancy-filling rate levels that seem counterfactual outside the U.S. …