equilibrium unemployment and incomplete markets. Quantitatively, I find that an increase in hiring subsidies reduces unemployment …. By stimulating labor demand, hiring subsidies reduce unemployment risk and precautionary savings. This increases the …

Black Americans face higher cyclical unemployment risk than white Americans: job-finding rates during recessions are … lower and the risk of becoming long-term unemployed is higher. Differences in unemployment risk across Black and white … Americans imply that Black Americans optimally invest less in risky assets. We show that differences in unemployment risk can …

This paper documents the role of unemployment and earnings risk in reconciling evidence in payoff differentials between … the role of lower unemployment risk in self-employment. We decompose earnings risk dynamics by estimating a life …