Search frictions in the labor market give rise to a new option-value channel through which uncertainty affects aggregate economic activity, and the effects of which are r[...]

This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easing-such as the zero l[...]

In this paper, we analyze the dynamic behavior of employment and hours worked per worker in a stochastic general equilibrium model with a matching mechanism between vacan[...]

This paper studies constrained efficiency in Guerrieri et al.'s (2010) model of adverse selection and directed search. Buyers post contracts, and sellers with private inf[...]

We study the positive and normative implications of labor market policies that counteract the economic fallout from containment measures during an epidemic. We incorporat[...]

We analyse monetary policy in a model where temporary shocks can permanently scar the economy’s productive capacity. Workers lose skill while unemployed and are costly to[...]

Constrained efficiency is characterized in an asset market, subject to search frictions, where sellers are privately informed about the type of their asset. The type dete[...]

We document considerable scope of heterogeneity within the unemployed, especially when they are divided along eligibility for and receipt of unemployment insurance (UI). [...]

Replication package contains programs and data required to reproduce all figures of Online Appendices L and M of article "Slow Recoveries and Unemployment Traps: Monetary[...]

The authors develop a search model of venture capital in which the number of successful matches of entrepreneurs and venture capitalists (VCs) at any moment in time is a [...]