WORKING PAPERS
'Capital Deaccumulation and the Large Persistent Effects of Financial Crises.' Job Market Paper. (abstract)
Presented at the 2015 MMF Research Group, Fall 2015 Midwest Macro Meeting.
WORKS IN PROGRESS
'Entrepreneurship, Agency Frictions and Redistributive Capital Taxation', with Corina Boar. (abstract)
'Job Destruction and Persistent Employment Slumps.' (abstract)
'Semi-Voluntary Unemployment, Wage Rigidity and Cyclical Fluctuations.'
I am developing a model to account for cyclical fluctuations in unemployment while reconciling the evidence that this unemployment is voluntary with evidence that it is involuntary. In the model, jobs are heterogeneous in productivity and workers direct their search towards a desired productivity level but wages display some nominal rigidity. The consequence is that any individual worker is able to guarantee herself a job by searching for jobs with sufficiently low productivity and a worker's individual employment state depends on her preferences. Aggregate unemployment, however, is highly sensitive to monetary and technology shocks and is relatively insensitive to workers' preferences. Hence unemployment is individually voluntary, but collectively involuntary. Such an approach is consistent with evidence that unemployment is individually voluntary, including survey evidence that many of the unemployed are quite selective in the jobs they will accept, as well as evidence that job-finding rates spike at the time unemployment benefits expire. The model is also consistent with evidence that individual labour supply decisions are quite inelastic to wage changes - evidence which has pushed the literature towards models with large cyclical fluctuations in involuntary unemployment, for instance due to wage rigidity.
'Price Norms, Higher-Order Beliefs and Macroeconomic Fluctuations.' (abstract)
'Capital Deaccumulation and the Large Persistent Effects of Financial Crises.' Job Market Paper. (abstract)
Presented at the 2015 MMF Research Group, Fall 2015 Midwest Macro Meeting.
WORKS IN PROGRESS
'Entrepreneurship, Agency Frictions and Redistributive Capital Taxation', with Corina Boar. (abstract)
'Job Destruction and Persistent Employment Slumps.' (abstract)
'Semi-Voluntary Unemployment, Wage Rigidity and Cyclical Fluctuations.'
I am developing a model to account for cyclical fluctuations in unemployment while reconciling the evidence that this unemployment is voluntary with evidence that it is involuntary. In the model, jobs are heterogeneous in productivity and workers direct their search towards a desired productivity level but wages display some nominal rigidity. The consequence is that any individual worker is able to guarantee herself a job by searching for jobs with sufficiently low productivity and a worker's individual employment state depends on her preferences. Aggregate unemployment, however, is highly sensitive to monetary and technology shocks and is relatively insensitive to workers' preferences. Hence unemployment is individually voluntary, but collectively involuntary. Such an approach is consistent with evidence that unemployment is individually voluntary, including survey evidence that many of the unemployed are quite selective in the jobs they will accept, as well as evidence that job-finding rates spike at the time unemployment benefits expire. The model is also consistent with evidence that individual labour supply decisions are quite inelastic to wage changes - evidence which has pushed the literature towards models with large cyclical fluctuations in involuntary unemployment, for instance due to wage rigidity.
'Price Norms, Higher-Order Beliefs and Macroeconomic Fluctuations.' (abstract)
