We show that the inability of a standardly-calibrated stochastic labor search-and-matching model to account for the observed volatility of unemployment and vacancies extends beyond U.S. data to a set of OECD countries. We also argue that using cross-country data is helpful in evaluating the...

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

This thesis presents an examination of the importance of Small and MediumEnterprises (SMEs) for economic growth and examines how sensitive employment inSMEs is to business cycle fluctuations in Brazil.The thesis uses different empirical techniques to investigate the role of SMEsin the Brazilian...

The literature has not yet resolved whether the effect of macroeconomic fluctuations on training decisions is positive or negative. On the one hand, the opportunity cost to train is lower during downturns, and thus training should be counter-cyclical. On the other hand, a positive shock may be...

We present a class of convex endogenous growth models and analyze their performance in terms of both growth and business cycle criteria. The models we study have close analogs in the real business cycle literature. We interpret the exogenous growth rate of productivity as an endogenous growth...