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Social Contacts and Occupational Choice
Social contacts help to find jobs, but not necessarily in the occupations where workers are most productive. Hence social contacts can generate mismatch between workers' occupational choices andExpand
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Fractional) Beta Convergence
Unit roots in output, an exponential 2 per cent rate of convergence and no change in the underlying dynamics of output seem to be three stylized facts that cannot go together. This paper extends theExpand
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The Effects of Technology Shocks on Hours and Output: A Robustness Analysis
We analyze the effects of neutral and investment-specific technology shocks on hours and output. Long cycles in hours are captured in a variety of ways. Hours robustly fall in response to neutralExpand
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Why So Many Local Entrepreneurs?
We document that the fraction of entrepreneurs working in the region where they were born is significantly higher than the corresponding fraction for dependent workers. This is more pronounced inExpand
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Low Returns in R&D Due to the Lack of Entrepreneurial Skills
This Paper proposes a model of endogenous growth where innovating requires both researchers, who produce inventions, and entrepreneurs who implement them. As research and entrepreneurship compete inExpand
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Technology Shocks and Job Flows
We decompose the low-frequency movements in labour productivity into an investment-neutral and investment-specific technology component. We show that neutral technology shocks cause an increase inExpand
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The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the Us and Europe
We set-up a real business cycle model with search and matching frictions driven by several shocks, which nests full Nash Bargaining and wage rigidity as special cases and includes other transmissionExpand
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Financial Markets and Wages
We study a labor market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: They pay lower wagesExpand
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The Ins and Outs of Unemployment: An Analysis Conditional on Technology Shocks
We analyze how unemployment, job finding and job separation rates react to neutral and investment-specific technology shocks. Neutral shocks increase unemployment and explain a substantial portion ofExpand
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Unemployment dynamics across OECD countries
The European Community and the US have experienced vastly different unemployment dynamics over the last two decades. This paper investigates whether these differences are due to exposure to differentExpand
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