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 …

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

Population aging is expected to slow US economic growth. We use variation in the
predetermined component of population aging across states to estimate the impact of aging …

This paper examines the role of refinancing channel and the mortgage market structure for
the transmission of monetary policy to consumption. First, I document heterogeneous …

We find new empirical regularities in the business cycle in a cross-country panel of 22
OECD countries for the period 1972 to 2007; entrepreneurship Granger-causes the cycles of …

Macroeconomic models of fluctuations in hours of work over the business cycle or across
countries imply much larger labor supply elasticities than microeconometric estimates of …

Much of macroeconomics is concerned with the allocation of physical capital, human capital,
and labor over time and across people. The decisions on savings, education, and labor …

We investigate the hypothesis that macroeconomic fluctuations are primitively the results of
many microeconomic shocks. We define fundamental volatility as the volatility that would …

Productivity growth—the key long-term driver of living standards—fell sharply following the
global financial crisis, adding to structural headwinds already blowing before the crisis, and …

This paper demonstrates that the option to move in and out of the parental home is a
valuable insurance channel against labor market risk, which facilitates the pursuit of jobs …