“...We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil 2004). Financial frictions create volatility. They add an...”

“...Goods market frictions drastically change the dynamics of the labor market, both in terms of persistence and volatility. In a model with three imperfect...”

“...The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor...”

“...An accurate global projection algorithm is critical for quantifying the basic moments of the Diamond–Mortensen–Pissarides model. Log linearization understates...”

“...The COVID-19 pandemic has upended the U.S. economy and labor market. We assess the initial spike in unemployment due to the virus response and possible paths...”

“...•Historical U.S. monthly time series of unemployment rates, vacancy rates, and labor productivity, some of which date back to January 1890, are compiled.•A...”

“...This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on...”

“...A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can potentially explain the large unemployment...”