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.

 
 
Issue Title Author(s)
Fourth Quarter 2013 Evaluating Executive Compensation Packages Arantxa Jarque
John Muth
Third Quarter 2013 Does Intra-Firm Bargaining Matter for Business Cycle Dynamics? Michael U. Krause
Thomas A. Lubik
First Quarter 2013 Why Labor Force Participation (Usually) Increases when Unemployment Declines Andreas Hornstein
First Quarter 2013 A Cohort Model of Labor Force Participation Marianna Kudlyak
First Quarter 2013 Saving for Retirement with Job Loss Risk Borys Grochulski
Yuzhe Zhang
Fourth Quarter 2012 Debt Default and the Insurance of Labor Income Risk Kartik B. Athreya
Xuan S. Tam
Eric R. Young
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
Paper Title Author(s)
14-18
October 2014
Measuring Heterogeneity in Job Finding Rates Among the Nonemployed Using Labor Force Status Histories Marianna Kudlyak
Fabian Lange
14-16
September 2014
The Complexity of CEO Compensation Arantxa Jarque
14-15
August 2014
Learning and Life Cycle Patterns of Occupational Transitions Aspen Gorry
Devon Gorry
Nicholas Trachter
14-13
June 2014
Labor-Market Uncertainty and Portfolio Choice Puzzles Yongsung Chang
Jay H. Hong
Marios Karabarbounis
14-12
May 2014
The Intensity of Job Search and Search Duration R. Jason Faberman
Marianna Kudlyak
14-11R
April 2014
Young Unskilled Women and the Earned Income Tax Credit: Insurance Without Disincentives? (Revised July 2014) Kartik B. Athreya
Devin Reilly
Nicole B. Simpson
14-04R
March 2014
Does Redistribution Increase Output? The Centrality of Labor Supply (Revised November 2014) Kartik B. Athreya
Andrew Owens
Felipe Schwartzman
14-03
February 2014
Stepping Stone and Option Value in a Model of Postsecondary Education Nicholas Trachter
13-16
October 2013
The Shifting and Twisting Beveridge Curve: An Aggregate Perspective Thomas A. Lubik
13-13R
September 2013
A Road Map for Efficiently Taxing Heterogeneous Agents (Revised July 2014) Marios Karabarbounis
13-12
August 2013
The Time-Varying Beveridge Curve Luca Benati
Thomas A. Lubik
13-11
August 2013
Productivity Insurance: The Role of Unemployment Benefits in a Multi-Sector Model David L. Fuller
Marianna Kudlyak
Damba Lkhagvasuren
13-05R
May 2013
Market-based Incentives (Revised December 2013) 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 (Revised September 2014) 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)
14-11
November 2014
Does Enforcement of Employee Noncompete Agreements Impede the Development of Industry Clusters? David A. Price
14-09
September 2014
Putting the Beveridge Curve Back to Work Thomas A. Lubik
Karl Rhodes
14-08
August 2014
The Prevalence of Apprenticeships in Germany and the United States Nika Lazaryan
Urvi Neelakantan
David A. Price
14-06
June 2014
Does the Unemployment Rate Really Overstate Labor Market Recovery? Andreas Hornstein
Marianna Kudlyak
Fabian Lange
Tim Sablik
14-05
May 2014
Expanding the Scope of Workforce Development Kartik B. Athreya
Urvi Neelakantan
Jessie Romero
13-08
August 2013
Will a Surge in Labor Force Participation Impede Unemployment Rate Improvement? Andreas Hornstein
Karl Rhodes
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