Marianna Kudlyak

Federal Reserve Bank of Richmond

Our Team

Marianna Kudlyak was an economist in the Research Department at the Federal Reserve Bank of Richmond from 2008 to 2016. Kudlyak is currently a research advisor at the Federal Reserve Bank of San Francisco.

Working Papers

May 2026, No. 26-10

Trends in Labor Force Participation and Unemployment, 1976-2024

Population aging and educational upgrading explain most long-run movements in aggregate trends, while cohort effects drive large gender differences in participation.

Andreas Hornstein and Marianna Kudlyak

March 2019, No. 19-08

Aggregate Labor Force Participation and Unemployment and Demographic Trends

Andreas Hornstein and Marianna Kudlyak

February 2018, No. 18-04

Regional Consumption Responses and the Aggregate Fiscal Multiplier (Revised April 2021)

Bill Dupor, Marios Karabarbounis, Marianna Kudlyak and M. Saif Mehkari

October 2016, No. 16-13R

Estimating Matching Efficiency with Variable Search Effort (Revised December 2016)

Andreas Hornstein and Marianna Kudlyak

March 2016, No. 16-05R

Revisiting the Behavior of Small and Large Firms during the 2008 Financial Crisis (Revised December 2016)

Marianna Kudlyak and Juan M. Sanchez

November 2015, No. 15-14R

Intergenerational Linkages in Household Credit (Revised December 2016)

Andra C. Ghent and Marianna Kudlyak

October 2014, No. 14-18

Measuring Heterogeneity in Job Finding Rates Among the Nonemployed Using Labor Force Status Histories

Marianna Kudlyak and Fabian Lange

May 2014, No. 14-12R

The Intensity of Job Search and Search Duration (Revised July 2016)

R. Jason Faberman and Marianna Kudlyak

January 2014, No. 14-01

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higher-income households.

Olivier Coibion, Yuriy Gorodnichenko, Marianna Kudlyak and John Mondragon

August 2013, No. 13-11

Productivity Insurance: The Role of Unemployment Benefits in a Multi-Sector Model

In a stylized quantitative analysis, we show that the consumption effect dominates, so that unemployment benefits increase per-worker productivity. We also analyze the welfare-maximizing benefit level and find that it decreases as moving costs increase.

David L. Fuller, Marianna Kudlyak and Damba Lkhagvasuren

August 2013, No. 13-09R

Are Young Borrowers Bad Borrowers? (Revised June 2014)

Young borrowers are the least experienced financially and, conventionally, thought to be most prone to financial mistakes. We study the relationship between age and financial problems related to credit cards.

Peter Debbaut, Andra C. Ghent and Marianna Kudlyak

June 2012, No. 12-04

Accounting for Unemployment in the Great Recession: Nonparticipation Matters

We show that, whereas during earlier recessions it was sufficient to examine the flows between employment and unemployment to account for the dynamics of the unemployment rate, this was not true in the Great Recession.

Marianna Kudlyak and Felipe F. Schwartzman

April 2012, No. 12-03R

Systematic Job Search: New Evidence from Individual Job Application Data (Revised September 2014)

Marianna Kudlyak, Damba Lkhagvasuren and Roman Sysuyev

August 2010, No. 10-13

The Cyclical Price of Labor When Wages Are Smoothed

Marianna Kudlyak

September 2009, No. 09-12R

The Cyclicality of the User Cost of Labor (Revised: March 2013)

Marianna Kudlyak

July 2009, No. 09-10R

Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States (Revised June 2010)

Andra C. Ghent and Marianna Kudlyak
Bank Publications

Economic Brief, April 2022, No. 22-12

The Pandemic's Impact on Unemployment and Labor Force Participation Trends

The unemployment rate is close to pre-pandemic lows, and job openings are at record highs. Yet, participation and employment rates are still below pre-pandemic levels.

Andreas Hornstein and Marianna Kudlyak

Economic Brief, September 2019, No. 19-09

Projecting Unemployment and Demographic Trends

Andreas Hornstein, Marianna Kudlyak and John Mullin

Economic Brief, May 2018, No. 18-05

Estimating Aggregate Fiscal Multipliers from Local Data

Recent research has employed county-level data to look at the effects of federal government spending — in particular, the 2009—12 stimulus — on aggregate consumption.

Bill Dupor, Marios Karabarbounis, Marianna Kudlyak, M. Saif Mehkari and David A. Price

Economic Quarterly, Second Quarter 2016

Generalized Matching Functions and Resource Utilization Indices for the Labor Market

Andreas Hornstein and Marianna Kudlyak

Economic Brief, November 2015, No. 15-11

Why Are Women Leaving the Labor Force?

Maria E. Canon, Helen Fessenden and Marianna Kudlyak

Economic Quarterly, Third Quarter 2015

What We Know About Wage Adjustment During the 2007-09 Recession and Its Aftermath

Marianna Kudlyak

Economic Brief, February 2015, No. 15-02

How Should the Fed Interpret Slow Wage Growth?

Marianna Kudlyak, Thomas A. Lubik and Karl Rhodes

Economic Brief, June 2014, No. 14-06

Does the Unemployment Rate Really Overstate Labor Market Recovery?

Andreas Hornstein, Marianna Kudlyak, Fabian Lange and Tim Sablik

Economic Quarterly, Second Quarter 2014

Flows To and From Working Part Time for Economic Reasons and the Labor Market Aggregates During and After the 2007-09 Recession

Maria E. Canon, Marianna Kudlyak, Guannan Luo and Marisa Reed

Economic Quarterly, First Quarter 2014

Measuring Resource Utilization in the Labor Market

Andreas Hornstein, Marianna Kudlyak and Fabian Lange

Economic Quarterly, First Quarter 2013

A Cohort Model of Labor Force Participation

Marianna Kudlyak

Economic Brief, December 2013, No. 13-12

How Risky Are Young Borrowers?

Recent research suggests that young borrowers are actually among the least likely to experience a serious credit card default. One reason why people obtain credit cards early in life may be to build a strong credit history.

Peter Debbaut, Andra C. Ghent, Marianna Kudlyak and Jessie Romero

Economic Brief, April 2013, No. 13-04

Job Search Behavior: Lessons from Online Job Search

A new database of online job posting data sheds light on how workers search for jobs.

Marianna Kudlyak and Jessie Romero

Economic Quarterly, Third Quarter 2012

Housing Services Price Inflation

Marianna Kudlyak

Economic Brief, June 2012, No. 12-06

The Increased Role of Flows Between Nonparticipation and Unemployment During the Great Recession and Recovery

Marianna Kudlyak and David A. Price

Economic Quarterly, Fourth Quarter 2011

Accounting for the Non-Employment of U.S. Men, 1968-2010

Marianna Kudlyak, Thomas A. Lubik and Jonathan Tompkins

Economic Brief, October 2010, No. 10-10

The Responses of Small and Large Firms to Tight Credit Shocks: The Case of 2008 through the Lens of Gertler and Gilchrist (1994)

Marianna Kudlyak, David A. Price and Juan M. Sanchez

Economic Quarterly, Second Quarter 2010

Are Wages Rigid Over the Business Cycle?

Marianna Kudlyak

Economic Brief, April 2010, No. 10-04

Comparing Labor Markets across Recessions

Marianna Kudlyak, Devin Reilly and Stephen Slivinski

Economic Brief, September 2009, No. 09-09

Deterring Default: Why Some State Laws Decrease the Probability of Mortgage Foreclosures

Andra C. Ghent, Marianna Kudlyak and Stephen Slivinski

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