Macroeconomics is evolving from the study of aggregate dynamics to the study of the
dynamics of the entire equilibrium distribution of allocations across individual economic …

Bayesian inference has found widespread application and use in science and engineering
to reconcile Earth system models with data, including prediction in space (interpolation) …

We study individual male earnings dynamics over the life cycle using panel data on millions
of US workers. Using nonparametric methods, we first show that the distribution of earnings …

Abstract We recast the Aiyagari–Bewley–Huggett model of income and wealth distribution in
continuous time. This workhorse model—as well as heterogeneous agent models more …

Job loss comes with large present value earnings losses which elude workhorse models of
unemployment and labor market policy. I propose a parsimonious model of a frictional labor …

We specify a life-cycle model of consumption, labor supply and job mobility in an economy
with search frictions. We distinguish different sources of risk, including shocks to productivity …

We revisit the issue of the high cyclicality of wages of new hires. We show that after
controlling for composition effects likely involving procyclical upgrading of job match quality …

We propose a new measure of frictional wage dispersion: the meanmin wage ratio. For a
large class of search models, we show that this measure is independent of the wage-offer …

We develop a unique survey that focuses on the job search behavior of individuals
regardless of their labor force status and field it annually starting in 2013. We use our survey …

We develop an equilibrium model of on-the-job search with ex ante heterogeneous workers
and firms, aggregate uncertainty, and vacancy creation. The model produces rich dynamics …