We evaluate whether state-of-the-art macro models featuring indivisible labor are consistent
with modern quasi-experimental micro evidence by synthesizing evidence on both the …

This chapter develops a dynamic general equilibrium model that is intended to help clarify
the role of credit market frictions in business fluctuations, from both a qualitative and a …

We study the role of global supply chains in the impact of the Covid-19 pandemic on GDP
growth using a multi-sector quantitative framework implemented on 64 countries. We …

We use rich historical data on military procurement to estimate the effects of government
spending. We exploit regional variation in military buildups to estimate an “open economy …

This book was written to complete the curriculum requirement of the Master's of
Macroeconomics degree. Macroeconomics is a very practical subject and can be very useful …

The equilibrium growth model is modified and used to explain the cyclical variances of a set
of economic time series, the covariances between real output and the other series, and the …

We investigate the role of uncertainty in business cycles. First, we demonstrate that
microeconomic uncertainty rises sharply during recessions, including during the Great …

This paper studies four classic fiscal-policy experiments within a quantitatively restricted
neoclassical model. Our main findings are as follows:(i) permanent changes in government …

I survey the male and female labor supply literatures, focusing on implications for effects of
wages and taxes. For males, I describe and contrast results from three basic types of model …

A growth model with shocks to technology is studied. Labor is indivisible, so all variability in
hours worked is due to fluctuations in the number employed. We find that, unlike previous …