its persistence and increase the volatility of vacancies. Hiring subsidies and unemployment benefits have substantial …

non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the … Ramsey government achieves efficient labor market volatility; doing so requires labor-income tax volatility that is orders of … to understand optimal tax volatility. …

non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the … Ramsey government achieves efficient labor market volatility; doing so requires labor-income tax volatility that is orders of … order to understand optimal tax volatility. …

non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the … Ramsey government achieves efficient labor market volatility; doing so requires labor-income tax volatility that is orders of … order to understand optimal tax volatility. …

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 …

. Indeterminacy disappears completely when vacancy posting costs are replaced with hiring costs. …