This paper proposes an explanation for observed differences in the business cycle volatility of employment and unemployment across a sample of OECD countries. Using an incomplete markets variant of the fair wage real business cycle model, increases in the gross replacement rate of public...

We consider a setting where a platform must dynamically allocate a collection of goods that arrive to the platform in an online fashion to budgeted buyers, as exempli ed by online advertising systems where platforms decide which impressions to serve to various advertisers. Such dynamic resource...

The emergence of high frequency trading has resulted in `bursts' of orders arriving at an exchange (nearly) simultaneously, yet most electronic financial exchanges implement the continuous limit order book which requires processing of orders serially. Contrary to an assumption that appears...