Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume wages are...

We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the...

Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for...

Firms select not only how many, but also which workers to hire. Yet, in standard search models of the labor market, all workers have...