Search Results
Monograph
Cyclical movements along the labor supply function
A consensus in macroeconomics holds that the observed higher-frequency movements in employment and hours of work are movements along a labor-supply function caused by shifts of the labor demand function. Recent theoretical thinking has extended this view to include fluctuations in unemployment, so that macroeconomists can speak coherently of movements along an unemployment function caused by shifts in labor demand.
Conference Paper
Monetary strategy with an elastic price standard
Conference Paper
Separating the business cycle from other economic fluctuations
Conference Paper
The routes into and out of the zero lower bound
Conference Paper
Cyclical movements along the labor supply function
A consensus in macroeconomics holds that the observed higher-frequency movements in employment and hours of work are movements along a labor-supply function caused by shifts of the labor demand function. Recent theoretical thinking has extended this view to include fluctuations in unemployment, so that macroeconomists can speak coherently of movements along an unemployment function caused by shifts in labor demand.
Conference Paper
Macroeconomic policy under structural change
Journal Article
Comparing Pandemic Unemployment to Past U.S. Recoveries
Unemployment fell at a slow and steady rate in the 10 cyclical recoveries from 1949 through 2019. These historical patterns also apply to the recovery from the pandemic recession after accounting for the unprecedented burst of temporary layoffs early in the pandemic followed by their rapid reversal from April to November 2020. Unemployment for other reasons—which has been most important in other recent recoveries—did not start declining until November 2020. Since then, unemployment for other reasons has declined at a faster pace than its historical average.
Conference Paper
Monetary policy in the information economy : commentary
Conference Paper
Business volatility, job destruction and unemployment - discussion
Conference Paper
The labor market and macro volatility: a nonstationary general-equilibrium analysis
The evolution of the aggregate labor market is far from smooth. I investigate the success of a macro model in replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth and in exogenous product demand (government purchases plus net exports) as the primary exogenous sources of fluctuations. The macro model embodies new ideas about the labor market, all based on equilibrium?the models I consider do not rest on inefficiency in the use of labor caused by an inappropriate wage. I find that non-standard features of the labor ...