Our Research Focus

Labor Markets

We study the demand and supply for labor, taking into account what distinguishes the market for human capital from other markets. Most recently, our research has focused on the factors that contribute to unemployment during recessions, the relationship between technological change and wage inequality, and the causes of frictions in labor markets.

To learn how labor market institutions and policies influence the actions of workers and firms, read the Richmond Fed's essay in the "Our Perspective" series.

Economic
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Working
Papers
Economic
Brief
Annual Report
Essays

Issue	Title	Author(s)
Fourth Quarter 2011	Accounting for the Non-Employment of U.S. Men, 1968-2010	Marianna Kudlyak Thomas A. Lubik Jonathan Tompkins
First Quarter 2011	Housing and the Great Recession: A VAR Accounting Exercise	Samuel E. Henly Alexander L. Wolman
Fourth Quarter 2010	Hidden Effort, Learning by Doing, and Wage Dynamics	Arantxa Jarque
Third Quarter 2010	Instability and Indeterminacy in a Simple Search and Matching Model	Michael U. Krause Thomas A. Lubik
Second Quarter 2010	Are Wages Rigid Over the Business Cycle?	Marianna Kudlyak
Fall 2009	The U.S. Establishment-Size Distribution: Secular Changes and Sectoral Decomposition	Samuel E. Henly Juan M. Sanchez
Spring 2009	Estimating a Search and Matching Model of the Aggregate Labor Market	Thomas A. Lubik
Summer 2008	CEO Compensation: Trends, Market Changes, and Regulation	Arantxa Jarque
Spring 2008	On the Evolution of Income Inequality in the United States	Kevin A. Bryan Leonardo Martinez
Summer 2006	The Productivity of Nations	Margarida Duarte Diego Restuccia
Winter 2006	Are We Working Too Hard or Should We Be Working Harder? A Simple Model of Career Concerns	Andrew Foerster Leonardo Martinez
Summer 2005	What's Driving Wage Inequality?	Aaron Steelman John A. Weinberg
Summer 2005	Unemployment and Vacancy Fluctuations in the Matching Model: Inspecting the Mechanism	Andreas Hornstein Per Krusell Giovanni L. Violante
Winter 2005	On the Aggregate Labor Supply	Yongsung Chang Sun-Bin Kim
Fall 2003	Implications of the Capital-Embodiment Revolution for Directed R&D and Wage Inequality	Andreas Hornstein Per Krusell
Fall 2003	Firms, Assignments, and Earnings	Edward S. Prescott
Spring 2002	Towards a Theory of Capacity Utilization: Shiftwork and the Workweek of Capital	Andreas Hornstein
Summer 2000	A Study of U.S. Employment Rates with Emphasis on Gender Considerations	Pierre-Daniel G. Sarte Carl D. Lantz
Spring 1994	The Free Trade Debate: The Illusion of Security Versus Growth	Robert L. Hetzel
Fall 1993	Unit Labor Costs and the Price Level	Yash P. Mehra

Issue	Title	Author(s)
1990	Real Output and Unit Labor Costs as Predictors of Inflation	Yash P. Mehra
1989	Labor Market Data	Roy H. Webb William Whelpley
1989	The Changing Labor Force: Some Provocative Findings	William E. Cullison
1986	The Industrial Mix of Employment in the Fifth District, 1950-1985	Christine Chmura
1984	Equalizing Regional Differences in Wages: A Study of Wages and Migration in the South and Other Regions	William E. Cullison
1981	Unemployment and Its Measurement: Implications from a Survey of Long-Term Unemployment in Baltimore City	William E. Cullison
1975	On Labor Market Indicators	William E. Cullison

Paper	Title	Author(s)
13-05 May 2013	Market-based Incentives	Borys Grochulski Yuzhe Zhang
13-03 March 2013	Banker Compensation and Bank Risk Taking: The Organizational Economics View	Arantxa Jarque Edward S. Prescott
13-02 March 2013	The Supply of College-Educated Workers: The Roles of College Premia, College Costs, and Risk	Kartik B. Athreya Janice Eberly
12-07 November 2012	Accounting for Unemployment: The Long and Short of It	Andreas Hornstein
12-04 June 2012	Accounting for Unemployment in the Great Recession: Nonparticipation Matters	Marianna Kudlyak Felipe Schwartzman
12-03R April 2012	Systematic Job Search: New Evidence from Individual Job Application Data*	Marianna Kudlyak Damba Lkhagvasuren Roman Sysuyev
11-02 May 2011	Aggregate Labor Market Dynamics in Hong Kong	Thomas A. Lubik
10-13 August 2010	The Cyclical Price of Labor When Wages Are Smoothed	Marianna Kudlyak
10-12 June 2010	On-the-Job Search and the Cyclical Dynamics of the Labor Market	Michael U. Krause Thomas A. Lubik
09-12R September 2009	The Cyclicality of the User Cost of Labor* (Revised: March 2013)	Marianna Kudlyak
09-9 June 2009	Unemployment Insurance with a Hidden Labor Market	Fernando Álvarez-Parra Juan M. Sanchez
08-1 March 2008	Inflation Dynamics with Search Frictions: A Structural Econometric Analysis	Michael U. Krause David Lopez-Salido Thomas A. Lubik
06-13 December 2006	Risky Human Capital and Deferred Capital Income Taxation	Borys Grochulski Tomasz Piskorski
06-10 November 2006	Technology-Policy Interaction in Frictional Labor Markets	Andreas Hornstein Per Krusell Giovanni L. Violante
06-9 September 2006	The Political Economy of Labor Subsidies	Marina Azzimonti Eva de Francisco Per Krusell
06-8 September 2006	Technical Appendix for "Frictional Wage Dispersion in Search Models: A Quantitative Assessment"	Andreas Hornstein Per Krusell Giovanni L. Violante
06-7 September 2006	Frictional Wage Dispersion in Search Models: A Quantitative Assessment	Andreas Hornstein Per Krusell Giovanni L. Violante
06-6 August 2006	Understanding How Employment Responds to Productivity Shocks in a Model with Inventories	Yongsung Chang Andreas Hornstein Pierre-Daniel G. Sarte
06-4 May 2006	Home Production	Yongsung Chang Andreas Hornstein
06-2 February 2006	On the Aggregate and Distributional Implications of Productivity Differences across Countries	Andrés Erosa Tatyana Koreshkova Diego Restuccia
06-1R January 2006	Reputation, Career Concerns, and Job Assignments (Revised Apr. 2009)	Leonardo Martinez
05-13 December 2005	Optimal Wealth Taxes with Risky Human Capital	Borys Grochulski Tomasz Piskorski
05-9 September 2005	A Quantitative Theory of the Gender Gap in Wages	Andrés Erosa Luisa Fuster Diego Restuccia
05-8 August 2005	A General Equilibrium Analysis of Parental Leave Policies	Andrés Erosa Luisa Fuster Diego Restuccia
05-2 April 2005	Do Technological Improvements in the Manufacturing Sector Raise or Lower Employment?	Yongsung Chang Jay H. Hong
05-1 April 2005	The Replacement Problem in Frictional Economies: A Near-Equivalence Result	Andreas Hornstein Per Krusell Giovanni L. Violante
04-8 December 2004	The Effects of Technical Change on Labor Market Inequalities	Andreas Hornstein Per Krusell Giovanni L. Violante
04-9 December 2004	Productivity, Employment, and Inventories	Pierre-Daniel G. Sarte Andreas Hornstein Yongsung Chang
03-17 January 2004	Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts	Yongsung Chang Sun-Bin Kim
03-7 July 2003	Labor Supply Shifts and Economic Fluctuations	Yongsung Chang Frank Schorfheide
03-6 July 2003	On the Employment Effect of Technology: Evidence from U.S. Manufacturing for 1958-1996	Yongsung Chang Jay H. Hong
03-5 July 2003	From Individual to Aggregate Labor Supply: A Quantitative Analysis based on a Heterogeneous Agent Macroeconomy	Yongsung Chang Sun-Bin Kim
02-2 August 2002	Vintage Capital as an Origin of Inequalities	Giovanni L. Violante Per Krusell Andreas Hornstein
01-7 August 2001	The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37	Jonas D.M. Fisher Andreas Hornstein
01-4 July 2001	Macroeconomic Fluctuations and Bargaining	Huberto M. Ennis
01-6 March 2001	Sticky Prices and Inventories: Production Smoothing Reconsidered	Pierre-Daniel G. Sarte Andreas Hornstein
00-2 September 2000	Optimal Taxation in Life-Cycle Economies	Andrés Erosa Martin Gervais
98-8 December 1998	Staggered Prices and Inventories: Production Smoothing Reconsidered	Pierre-Daniel G. Sarte Andreas Hornstein
98-9 August 1998	The Dynamic Effects of Government Spending Shocks on Employment and Work Hours	Mingwei Yuan Wenli Li
98-2 March 1998	Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate? (Published: Apr. 1996; Revised: Jan. 1998)	Andreas Hornstein Mingwei Yuan
98-1 March 1998	External vs. Internal Learning-by-Doing in an R&D Based Growth Model	Andreas Hornstein Dan Peled
89-1 April 1989	Wage Growth and the Inflation Process: An Empirical Note	Yash P. Mehra
79-3 April 1979	The Determinants of Labor Force Participation: An Empirical Analysis	William E. Cullison
74-3 June 1974	An Employment Pressure Index as an Alternative Measure of Labor Market Conditions	William E. Cullison

Essay	Title	Author(s)
13-06 June 2013	Implications of Risks and Rewards in College Decisions	Kartik B. Athreya David A. Price
13-04 April 2013	Job Search Behavior: Lessons from Online Job Search	Marianna Kudlyak Jessie Romero
12-11 November 2012	Are Depression-Era Employment Swings Overstated?	Jonathon Lecznar Jessie Romero Pierre-Daniel G. Sarte
12-06 June 2012	The Increased Role of Flows Between Nonparticipation and Unemployment During the Great Recession and Recovery	Marianna Kudlyak David A. Price
11-09 September 2011	Potential Causes and Implications of the Rise in Long-Term Unemployment	Andreas Hornstein Thomas A. Lubik Jessie Romero
10-04 April 2010	Comparing Labor Markets across Recessions	Marianna Kudlyak Devin Reilly Stephen Slivinski
08-02 November 2008	What Income Inequality Measures Can (and Cannot) Tell Us	Leonardo Martinez Stephen Slivinski

Year	Title	Author(s)
2010	The Rise in Long-Term Unemployment: Potential Causes and Implications	Andreas Hornstein Thomas A. Lubik
2004	What's Driving Wage Inequality? The Effects of Technical Change on the Labor Market	Aaron Steelman John A. Weinberg

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