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The number of unemployed persons per vacancy more than tripled during the 2008–2009 recession. The ratio fell after July 2009 but remains more than double its prerecession level as of September 20...
The high pace of reallocation across producers is pervasive in the U.S. economy. Evidence shows this high pace of reallocation is closely linked to productivity. While these patterns hold on average,...
Consumption decisions are crucial determinants of business cycles and growth. As a share of US gross domestic product (GDP) personal consumer expenditure has grown steadily since the early 1970s t...
We argue that decentralization is particularly beneficial to firm performance in “bad times.” We present a model where bad times increase the importance of rapid action, and improve the alignment of i...
Disability insurance (DI) applications and awards are countercyclical. One potential explanation is that unemployed individuals who exhaust their Unemployment Insurance (UI) benefits use DI as a form ...
Did Americans respond to the recent Great Recession by demanding that government provide policy solutions to rising income insecurity, an expectation of state-of-the-art theorizing on the dynamics of ...
The United States has long been among the most active seekers of contingent protection. This was true in the 1980s and 1990s and remains true in the first decade of the 2000s. While ot...

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