Jonathan L. Willis

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We estimate a search model to match hours, employment, vacancies and unemployment at the microand macrolevels. We establish a set of facts concerning the variability of unemployment and vacancies in the aggregate and the distribution of net employment growth and the comovement of hours and employment growth at the establishment level. A search model with(More)
In the U.S. and Europe, prices change between every six months and once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. “Sticky information” models, as posited by Mankiw and Reis (2002), Sims (2003), and Woodford (2003), can reconcile micro flexibility with macro rigidity. We simulate a sticky information model in(More)
This paper seeks to understand the evolution of the cyclical behavior of U.S. real wage rates from the interwar period to the post World War II period using a dynamic general equilibrium model that emphasizes demand-driven business cycle fluctuations. In the model, changes in the cyclical behavior of real wages arise endogenously from the interactions(More)
This paper studies hours, employment, vacancies and unemployment at micro and macro levels. It is built around a set of facts concerning the variability of unemployment and vacancies in the aggregate and, at the establishment level, the distribution of net employment growth and the comovement of hours and employment growth. A search model with frictions in(More)
This paper provides a framework for direct analysis of the underlying price adjustment costs in an industry. A dynamic programming problem is specified for monopolistically competitive firms that face idiosyncratic costs of price adjustment. A numerical solution is calculated using value function iteration. I estimate the structural parameters of the model(More)
Models of heterogenous firms making decisions about entering foreign markets in the face of sunk entry costs have become standard tools for understanding the firm exporting decision. These models induce a discrete choice between exporting and only serving the domestic market. In this paper we study how well these discrete choice models account for the data(More)
Expression of the genome requires RNA polymerase II (RNAPII) to transcribe across many natural and unnatural barriers, and this transcription across barriers is facilitated by protein complexes called elongation factors (EFs). Genetic studies in Saccharomyces cerevisiae yeast suggest that multiple EFs collaborate to assist RNAPII in completing the(More)