Labor markets are not perfectly competitive: Monopsony power enables employers to pay
workers less than the marginal revenue product of labor. We review three theoretical …

This paper reviews recent evidence on the labor market returns to credit accumulation,
certificates, and associate degrees from community colleges. Evidence is collated from …

Concerns over the supply of skills in the US labor force, especially education-related skills,
have exploded in recent years with a series of reports not only from employer-associated …

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 …

We develop a framework where mismatch between vacancies and job seekers across
sectors translates into higher unemployment by lowering the aggregate job-finding rate. We …

The recent financial crisis and ensuing recession appear to have put the productive capacity
of the economy on a lower and shallower trajectory than the one that seemed to be in place …

Abstract During the Great Recession, US unemployment benefits were extended by up to 73
weeks. Theory predicts that extensions increase unemployment by discouraging job search …