This paper surveys the microfoundations, empirical evidence, and estimation issues
underlying the aggregate matching function. There is no consensus yet on microfoundations …

Abstract The Real Business Cycle (RBC) research program has grown specularly over the
last decade, as its concepts and methods have diffused into mainstream macroeconomics …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

This paper argues that the textbook search and matching model cannot generate the
observed business-cycle-frequency fluctuations in unemployment and job vacancies in …

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 reinforced by …

This paper uses readily accessible aggregate time series to measure the probability that an
employed worker becomes unemployed and the probability that an unemployed worker …

We survey the literature on search-theoretic models of the labor market. We show how this
approach addresses many issues, including the following: Why do workers sometimes …

Recently, a number of authors have argued that the standard search model cannot generate
the observed business-cycle-frequency fluctuations in unemployment and job vacancies …

We argue that the vast bulk of movements in aggregate real economic activity during the
Great Recession were due to financial frictions. We reach this conclusion by looking through …

I discuss the failure of the canonical search and matching model to match the cyclical
volatility in the job finding rate. I show that job creation in the model is influenced by wages …