The rate at which unemployed workers find jobs exhibits a strong negative relationship with the level of unemployment, a strong positive relationship with the level of job vacancies, and little variation at low frequencies. These stylized facts imply a positive correlation between unemployment...

We show that the inability of a standardly calibrated labor search-and-matching model to account for labor market volatility extends beyond the U.S. to a set of OECD countries. That is, the volatility puzzle is ubiquitous. We argue cross-country data is helpful in scrutinizing between potential...

In a reasonably calibrated Mortensen and Pissarides matching model, shocks to average labor productivity can account for only a small portion of the fluctuations in unemployment and vacancies (Shimer (2005a)). In this paper, the author argues that if vintage specific shocks rather than aggregate...

This paper studies worker and job flows at the establishment and aggregate levels. The paper is built around a set of facts concerning the variability of unemployment and vacancies in the aggregate, the distribution of net employment growth and the comovement of hours and employment growth at...

The debate about the impact of robots on employment has been lively. In this paper, we examine the effect of robots on local labor demand in South Korea, one of the most technologically advanced countries in robotics. Using the regional variation in robot exposure constructed from national...