Marianna Kudlyak

Marianna Kudlyak is a macroeconomist whose research focuses on labor economics and consumer finance. She is Research Advisor (Economist and Bank Officer) at the Federal Reserve Bank of San Francisco and Visiting Fellow at the Hoover Institution at Stanford University.

Her research studies labor market slack, worker flows, wage cyclicality, household credit and macroeconomic adjustment using microdata and macroeconomic models. She is also affiliated with the Centre for Economic Policy Research (CEPR) Monetary Economics and Fluctuations Programme, the Institute of Labor Economics (IZA), and the International Center for Economic Analysis (ICEA). She earned her PhD in Economics from the University of Rochester.

Any opinions expressed here are her own and do not represent those of the Federal Reserve Bank of San Francisco or the Federal Reserve System.

Contact: mkudlyak [at] gmail.com

Profiles and Affiliations:

Research Data & Measurement Projects

Non-Employment Index

The Non-Employment Index is an alternative measure of resources in the labor market developed by Hornstein, Kudlyak and Lange (2014) and updated monthly by Richmond Fed, NEI website and data Also: St Louis FRED database.

The Jobless Unemployment Rate

Reference: Robert E. Hall and Marianna Kudlyak. "The Unemployed with Jobs and without Jobs," Labour Economics, 2022, Vol. 79, 102244. Download data, paper, slides.

Keynote and Distinguished Invited Presentations

The 1st Piraeus International Economic Conference (PIEC), co-organized by the Department of Economics at the University of Piraeus and the Joint Research Centre of the European Commission, Spetses, Greece, Jun 2026 (forthcoming)
Australia Women in Macro, Nov 2025.
Keynote address, 3rd Bank of Italy, Collegio Carlo Alberto - ESOMAS UniTO, Norges Bank, Conference on Monetary Policy and Heterogeneity in Households, Firms, and Financial Intermediaries: Insights from Microdata, October 13-14, 2025.
Distinguished alumni speaker, the Stockman Conference, September 26-27, 2025, at the University of Rochester.
Mannheim Labor Workshop, Aug 2024.
Alejandro Justiniano Memorial Keynote Address, at the Virtual Meeting of the System Committee on Macroeconomics, FRB Dallas, Nov 9-10, 2021.

Professional Memberships

American Economic Association (AEA), Econometric Society (ES), American Finance Association (AFA), European Finance Association (EFA), European Economic Association (EEA), American Real Estate and Urban Economics Association (AREUEA), European Association of Labor Economists (EALE)

Publications in Academic Journals

The Active Role of the Natural Rate of Unemployment Paper

Robert E. Hall, and Marianna Kudlyak. Research in Economics, Volume 79, Issue 4, Dec 2025, 101092.

Minimum Wage Increases and Vacancies Paper

Marianna Kudlyak, Murat Tasci, and Didem Tuzemen. Labour Economics, Vol. 97, Dec 2025, 102765.

Comment on "The Emergence of a Uniform Business Cycle in the United States: Evidence from New Claims-Based Unemployment Data” by Andrew Fieldhouse, Sean Howard, Christoffer Koch, and David Munro

Marianna Kudlyak, Brookings Papers on Economic Activity. Spring 2024 Paper. Discussion slides. Link to the event.

Pandemic Layoffs and the Role of Stay-at-Home Orders Paper

Marianna Kudlyak and Erin Wolcott. Economic Letters. Vol. 242, Sept. 2024, 111894.

How Cyclical Is the User Cost of Labor? Paper Link to publication

Marianna Kudlyak, Journal of Economic Perspectives, Vol. 38 (2), Spring 2024: 159-80.

The Quality-Adjusted Cyclical Price of Labor Paper

Mark Bils, Marianna Kudlyak and Paulo Lins. Journal of Labor Economics, 2023, Vol. 41(S1): S13-S59.

Regional Consumption Responses and the Aggregate Fiscal Multiplier Paper and Slides

Bill Dupor, Marios Karabarbounis, Marianna Kudlyak, and Saif M. Mehkari. Review of Economic Studies, 2023, Vol. 90, Issue 5: 2674-2714.

The Unemployed with Jobs and without Jobs Paper, Slides, Updated Data

Robert E. Hall and Marianna Kudlyak, Labour Economics, 2022, Vol. 79, 102244.

The Inexorable Recoveries of Unemployment Paper

Robert E. Hall and Marianna Kudlyak. Journal of Monetary Economics, 2022, Vol. 131: 15-25.

Why Has the US Economy Recovered So Consistently from Every Recession in the Past 70 Years? Paper and Slides

Robert E. Hall and Marianna Kudlyak. NBER Macroeconomics Annual, 2022, Vol. 36:1-55.

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

Olivier Coibion, Yuriy Gorodnichenko, Marianna Kudlyak, and John Mondragon, Journal of the European Economic Association, 2020, Vol. 18: 2922–2971.

The Intensity of Job Search and Search Duration Paper

Jason Faberman and Marianna Kudlyak, American Economic Journal: Macroeconomics, 2019, Vol. 11(3): 327-57.

Revisiting the Behavior of Small and Large Firms during the 2008 Financial Crisis Paper and Slides and Data

Marianna Kudlyak and Juan M. Sanchez, Journal of Economic Dynamics and Control, 2017, Vol. 77: 48-69.

The CARD Act and Young Borrowers: The Effects and the Affected PDF

Peter Debbaut, Andra C. Ghent and Marianna Kudlyak, Journal of Money, Credit and Banking, 2016, Vol. 48(7): 1495-1513

The Cyclicality of the User Cost of Labor Paper and Additional Materials

Marianna Kudlyak, Journal of Monetary Economics, 2014, Vol. 68: 53-67.

Productivity Insurance: The Role of Unemployment Benefits in a Multi-Sector Model Paper, Richmond FED WP.

David L. Fuller, Marianna Kudlyak and Damba Lkhagvasuren, Journal of Economic Dynamics and Control, 2014, Vol. 47: 39-53.

Recourse and Residential Mortgage Default: Evidence from U.S. States Paper, Richmond FED WP.

Andra C. Ghent and Marianna Kudlyak, Review of Financial Studies, 2011, 24:9, 3139-3186.

Policy Publications in Federal Reserve Journals

Generalized Matching Functions and Resource Utilization Indices for the Labor Market, Link

Andreas Hornstein and Marianna Kudlyak. Economic Quarterly, FRB Richmond, 2017.

Labor Indicators: Some of Today's Trends Pre-Date the Great Recession, PDF

Marianna Kudlyak and Juan M Sanchez. The Regional Economist, FRB St. Louis, January 2016 (lead article).

What Does Online Job Search Tell Us about the Labor Market? Link

Jason Faberman and Marianna Kudlyak. Economic Perspectives, FRB Chicago, Vol. 40(1), 2016.

What We Know About Real Wage Adjustment during the 2007-09 Recession and Its Aftermath, Link

Marianna Kudlyak, Economic Quarterly, FRB Richmond, Vol. 101(3), 2015.

Flows To and From "Working Part-Time for Economic Reasons" and the Labor Market Aggregates in the Aftermath of the 2007-09 Recession, Link

Maria E. Canon, Marianna Kudlyak, Guannan Luo, Marisa Reed, Economic Quarterly, FRB Richmond, 2Q 2015.

Measuring Resource Utilization in the Labor Market, Link

Andreas Hornstein, Marianna Kudlyak and Fabian Lange, Economic Quarterly, FRB Richmond, 1Q 2015.

A Cohort Model of Labor Force Participation, Link

Marianna Kudlyak, Economic Quarterly, FRB Richmond, 1Q 2013.

Housing Services Price Inflation, Link

Marianna Kudlyak, Economic Quarterly, FRB Richmond, 3Q 2012.

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

Marianna Kudlyak, Thomas Lubik, and Jonathan Tompkins, Economic Quarterly, FRB Richmond, 4Q, 2011.

Are Wages Rigid Over the Business Cycle? Link

Marianna Kudlyak, Economic Quarterly, FRB Richmond, 2Q, 2010.

Unpublished Working Papers

Why Firms Lay Off Workers instead of Cutting Wages: Evidence from the Linked Firm Survey-Administrative Data Paper

Antoine Bertheau, Marianna Kudlyak, Birthe Larsen, Morten Bennedsen. Latest version: May 2026.

Trends in Labor Force Participation and Unemployment, 1976-2024 Paper and Data

Andreas Hornstein and Marianna Kudlyak, FRB San Francisco WP No. 26-11, First draft: February 2019. Latest version: May 2026

Risk Preferences and the Willingness to Relocate to Danger: Evidence from Wartime Ukraine Paper

Yuriy Gorodnichenko, Marianna Kudlyak, Sophia Lobozynska, Iryna Skomorovych, Ulyana Vladychyn, Andriy Kovalyuk, Iryna Snovydovych. First version: Apr 2026. (NBER, Hoover, CEPR, IZA).

House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data Paper and Slides

Denis Gorea, Oleksiy Kryvtsov and Marianna Kudlyak, FRB San Francisco WP No. 22-16. Latest version: January 2026.

Dynastic Home Equity Paper and Slides

Matteo Benneton, Marianna Kudlyak, and John Mondragon. FRB SF Working Paper No. 2022-13. Latest version: Dec 2024.

Consumer and Firm Perceptions of the Aggregate Labor Market Conditions Paper and data

Marianna Kudlyak and Brandon Miskanic, FRB San Francisco WP No. 24-26. First version: Aug 2024.

Job-Finding and Job-Losing: A Comprehensive Model of Heterogeneous Individual Labor-Market Dynamics Paper and Slides

Robert E. Hall and Marianna Kudlyak, 2019 (February), FRB San Francisco WP No. 19-05.

Measuring Heterogeneity in Job Finding Rates Among the Non-Employed Using Labor Force Status Histories Paper and Slides

Marianna Kudlyak and Fabian Lange, January 2018, FRB San Francisco WP No. 17-20. Revision requested by American Economic Journal: Macroeconomics.

Systematic Job Search: New Evidence from Individual Job Application Data Link

Marianna Kudlyak, Damba Lkhagvasuren and Roman Sysuyev. June 2013. Revision requested by Journal of Labor Economics. Presentations: U Toronto (2013), SED, Seoul, Korea (2013), North American Summer Meeting, LA (2013), U Warwick (2013), SOLE, Boston (2013), ASSA, San Diego (2013), A. Stockman Conference, University of Rochester (2012), UC Berkeley (2012)

Why Is Current Unemployment So Low? Paper

Andreas Hornstein and Marianna Kudlyak, FRB San Francisco WP No. 20-05, February 2020.

Search-and-Matching Perspectives on Business-Cycle Recoveries Slides

Robert E. Hall and Marianna Kudlyak. Latest version: November 2021. Keynote Address by Robert E. Hall at the 2021 IZA Workshop "The Role of Search and Matching in Macroeconomics"

Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk Paper

Ester Faia, Marianna Kudlyak, Ekaterina Shabalina, First draft: March 2021. CEPR Discussion paper No. 16008

The Behavioral SIR Model, with Applications to the Swine Flu and COVID-19 Pandemics Paper and Slides

Samuel Engle, Jussi Keppo, Marianna Kudlyak, Elena Quercioli, Lones Smith, Andrea Wilson. Latest version: April 2021

Intergenerational Linkages in Household Credit, Paper and Slides

Andra Ghent and Marianna Kudlyak, 2016, FRB San Francisco WP No. 16-31.

Estimating Matching Efficiency with Variable Search Effort, Paper and Slides

Andreas Hornstein and Marianna Kudlyak, 2016, FRB San Francisco WP No. 16-24.

Accounting for Unemployment in the Great Recession: Nonparticipation Matters, PDF

Marianna Kudlyak and Felipe Schwartzman, 2012, FRB Richmond WP No. 12-04 Slides

The Cyclical Price of Labor When Wages Are Smoothed Slides. Slides.

Marianna Kudlyak, September 2010, Richmond FED WP No. 10-13. For Supplementary Appendix click here. This is an unpublished 2009 paper that describes the user cost of labor. The key point of this paper is published in "The Cyclicality of the User Cost of Labor", JME 2014.

Short Articles in Federal Reserve Publications

37. Coming soon

36. Coming soon

35. How Labor Force Participation Has Diverged across Genders Data

Andreas Hornstein, Marianna Kudlyak, Greeshma Avaradi, Taerin Kim. Economic Letter, FRB San Francisco, Jun 2026, 2026-15.

34. Signs of Cyclical Weakness in Part-Time Employment? Data

Greeshma Avaradi, Stephie Fried, Tobin Graf, Marianna Kudlyak, Brandon Miskanic. Economic Letter, FRB San Francisco, Nov 2025, 2025-25.

33. Assessing the Recent Rise in Unemployment

Greeshma Avaradi, Marianna Kudlyak, Brandon Miskanic, David Wiczer. Economic Letter, FRB San Francisco, Apr 2025, 2025-09.

32. Job Vacancies and Firms’ Labor Market Perceptions Data and background material

Marianna Kudlyak and Brandon Miskanic. Economic Letter, FRB San Francisco, Oct 2024, 2024-26.

31. How Aware Is the Public of Labor Market Conditions? Data and background material

Marianna Kudlyak and Brandon Miskanic. Economic Letter, FRB San Francisco, Sept 2024, 2024-25.

30. How Far Is Labor Force Participation from Its Trend? Data

Andreas Hornstein, Marianna Kudlyak, Brigid Meisenbacher, and David A. Ramachandran. Economic Letter, FRB San Francisco, Aug 2023, 2023-20.

29. House Prices Respond Promptly to Monetary Policy Surprises

Denis Gorea, Augustus Kmetz, Oleksiy Kryvtsov, Marianna Kudlyak, and Mitchell Ochse. Economic Letter, FRB San Francisco, Mar 2023, 2023-09.

28. Passing Along Housing Wealth from Parents to Children

Matteo Benetton, Marianna Kudlyak, Louis Liu, John Mondragon, and Mitchell Ochse. Economic Letter, FRB San Francisco, Nov 2022, 2022-32.

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

Andreas Hornstein and Marianna Kudlyak, Economic Brief, FRB Richmond, April 2022, 22-12.

26. Comparing Pandemic Unemployment to Past U.S. Recoveries

Robert E. Hall and Marianna Kudlyak, Economic Letter, FRB San Francisco, November 2021, 2021-33.

25. Temporary Layoffs and Unemployment in the Pandemic

Erin Wolcott, Mitchell G. Ochse, Marianna Kudlyak, and Noah A. Kouchekinia, Economic Letter, FRB San Francisco, November 2020, 2020-34.

24. Why Is Unemployment Currently So Low?

Marianna Kudlyak and Mitchell G. Ochse, Economic Letter, FRB San Francisco, March 2020, 2020-06.

23. Who from Out of the Labor Force Is Most Likely to Find a Job?

Marianna Kudlyak, Economic Letter, FRB San Francisco, January 2020, 2020-02.

22. Involuntary Part-Time Work a Decade after the Recession

Marianna Kudlyak, Economic Letter, FRB San Francisco, November 2019, 2019-30.

21. Projecting Unemployment and Demographic Trends

Andreas Hornstein, Marianna Kudlyak, John Mullin. Economic Brief, FRB Richmond, September 2019, 19-09.

20. The Labor Force Participation Rate Trend and Its Projections

Andreas Hornstein, Marianna Kudlyak, and Annemarie Schweinert. Economic Letter, FRB San Francisco, November 2018, 2018-25.

19. Estimating Aggregate Fiscal Multipliers from Local Data

Bill Dupor, Marios Karabarbounis, Marianna Kudlyak, Saif M. Mehkari, David A. Price. Economic Brief, FRB Richmond, May 2018, 2018-05.

18. How Futures Trading Changed Bitcoin Prices

Galina Hale, Arvind Krishnamurthy, Marianna Kudlyak, and Patrick Shultz. Economic Letter, FRB San Francisco, May 2018, 2018-12. Reprinted in: GLOBAL COMMODITIES APPLIED RESEARCH DIGEST (J.P. Morgan Center for Commodities at the University of Colorado Denver Business School), Vol. 3, No. 2: Winter 2018

17. How Much Consumption Responds to Government Stimulus

Marios Karabarbounis, Marianna Kudlyak, and Saif M. Mehkari. Economic Letter, FRB San Francisco, April 2018, 2018-11.

16. How Much Has Job Matching Efficiency Declined?

Andreas Hornstein and Marianna Kudlyak. Economic Letter, FRB San Francisco, August 2017, 2017-25.

15. Measuring Labor Utilization: the Non-Employment Index

Marianna Kudlyak. Economic Letter, FRB San Francisco, March 2017, 2017-08.

14. Why Are Women Leaving the Labor Force?

Maria Canon, Helen Fessenden, and Marianna Kudlyak. Economic Brief, FRB Richmond, November 2015.

13. Aging and the Economy: the Japanese Experience

Maria Canon, Marianna Kudlyak, and Marisa Reed. The Regional Economist, FRB St. Louis, October 2015.

12. How Should the Fed Interpret Slow Wage Growth?

Marianna Kudlyak, Thomas Lubik, Karl Rhodes. Economic Brief, FRB Richmond, February 2015.

11. Youth Labor Force Participation Continues to Fall, but It Might Be for a Good Reason

Maria Canon, Marianna Kudlyak, and Yang Liu. The Regional Economist, FRB St.Louis, January 2015.

10. Is Involuntary Part-Time Employment Different after the Great Recession?

Maria Canon, Marianna Kudlyak, and Marisa Reed, The Regional Economist, FRB St. Louis, July 2014.

9. Does the Unemployment Rate Really Overstate Labor Market Recovery?

Andreas Hornstein, Marianna Kudlyak, and Fabian Lange, Economic Brief, FRB Richmond, June 2014. Working paper: A New Measure of Resource Utilization in the Labor Market

8. Not Everyone Who Joins the Ranks of the Employed Was “Unemployed”

Maria Canon, Marianna Kudlyak, and Marisa Reed, The Regional Economist, FRB St. Louis, January 2014.

7. How Risky Are Young Borrowers?

Peter Debbaut, Andra C. Ghent, Marianna Kudlyak, and Jessie Romero, Economic Brief, FRB Richmond, December 2013.

6. A Closer Look at the Decline in the Labor Force Participation Rate

Maria Canon, Peter Debbaut, and Marianna Kudlyak, The Regional Economist, FRB St. Louis, October 2013.

5. Job Search Behavior: Lessons from Online Job Search

Marianna Kudlyak, and Jessie Romero, Economic Brief, FRB Richmond, April 2013.

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

Marianna Kudlyak, and David Price, Economic Brief, FRB Richmond, June 2012.

3. 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 Price, and Juan M. Sanchez, Economic Brief, FRB Richmond, October 2010.

2. Comparing Labor Markets across Recessions: a Focus on the Age Composition of the Population

Marianna Kudlyak, Devin Reilly, and Stephen Slivinski, Economic Brief, FRB Richmond , April 2010.

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

Andra C. Ghent, Marianna Kudlyak, and Stephen Slivinski, Economic Brief, FRB Richmond, Sept 2009.

Chapters in Books

Unemployment and Inflation Dynamics in the Monetary Policy Armamentarium Chapter

Marianna Kudlyak, in Hoover Institution Monetary Policy Conference volume, Getting Global Monetary Policy on Track, Edited by: Michael D. Bordo, John H. Cochrane, John B. Taylor. 2025. Book Paper and Slides

The Labor Market in Ukraine: Rebuild Better Chapter

Giacomo Anastasia, Tito Boeri, Marianna Kudlyak, and Oleksandr Zholud; September 2022; in "Rebuilding Ukraine: Principles and Policies", Yuriy Gorodnichenko, Ilona Sologoub, Beatrice Weder di Mauro (eds), CEPR Press, London. https://cepr.org/publications/books-and-reports/rebuilding-ukraine-principles-and-policies , Hoover Institution WP No. 22130 , IZA WP , CEPR WP

The Effect of the War on Human Capital in Ukraine and the Path for Rebuilding

Yuriy Gorodnichenko, Marianna Kudlyak, Aysegul Sahin, CEPR Policy Insight May 2022. See also: IZA WP, Hoover Institution WP No. 22122

Vox EU and CEPR Policy Writings

5. The Labor Market in Ukraine: Rebuild Better

Giacomo Anastasia, Tito Boeri, Marianna Kudlyak, and Oleksandr Zholud, VoxEU, January 26 2023

4. How House Prices Respond to Monetary Policy Surprises

Denis Gorea, Augustus Kmetz, Oleksiy Kryvtsov, and Marianna Kudlyak, Vox EU, 4 November 2022

3. The effect of the war on human capital in Ukraine and the path for rebuilding

Yuriy Gorodnichenko, Marianna Kudlyak, Aysegül Sahin. CEPR Policy Insight No 117. Also: IZA Policy Paper No. 185

2. What do recoveries from past US recessions teach us about the recovery from the pandemic recession?

Robert E. Hall and Marianna Kudlyak, Vox EU, 24 June 2020

1. Inequality and household debt: New evidence

Olivier Coibion, Yuriy Gorodnichenko, Marianna Kudlyak, and John Mondragon, Vox EU, 29 January 2014

Discussions

27. "Firm Dynamics and Worker Wages” by Chang-Tai Hsieh, Erik Hurst, Pete Klenow at the Recent Developments in Empirical Macroeconomics: A Tribute to Bob Hall, August 27, 2025; Stanford University, SIEPR.

26. "The Impact of Uncertainty Shocks on Workforce Composition” by Andrea Caggese, Vicente Cuñat, Daniel Metzger at the SNB-FRB-BIS High-Level Conference on Global Risk, Uncertainty, and Volatility,13 – 14 May 2025, Zurich, Switzerland. Discussion slides.

25. "Learning about Labor Markets” by Jake Bradley and Lukas Mann, at the ASSA, Jan 3-5, 2025. San Francisco. Discussion slides.

24. "The Emergence of a Uniform Business Cycle in the United States: Evidence from New Claims-Based Unemployment Data” by Andrew Fieldhouse, Sean Howard, Christoffer Koch, and David Munro, at the Brookings Papers on Economic Activity conference, March 28-29, 2024, Washington DC. Discussion slides. Link to the event.

23. "Temporary Layoffs, Loss-of-Recall and Cyclical Unemployment Dynamics” by Mark Gertler, Christopher Huckfeldt and Antonella Trigari, at the 5th Banco de España Research Conference, Madrid, Spain, December 2022

22. “The Distributional Impact of the Minimum Wage in the Short and Long Run,” by Erik Hurst, Patrick Kehoe, Elena Pastorino, Thomas Winberry at the NBER EFG Meeting, Chicago, October 2022. Slides

21. “Labor Market Fluidity and Human Capital Accumulation,” by Niklas Engbom at the Employment Conference, FRB Atlanta Center for Human Capital Studies, Atlanta, October 2022.

20. “Financial Constraints and the Racial Housing Gap,” by Pierre Mabille, Arpit Gupta, Christopher Hansman at the European Finance Association Annual Meeting, Barcelona, August 2022. Slides

19. "The Shadow Margins of Labor Market Slack” by R. Jason Faberman, Andreas Mueller, Aysegul Sahin, and Giorgio Topa

18. "Trends in Work and Leisure: It's a Family Affair," by Titan Alon, Sena Coscun, and Matthias Doepke

17. "The Impact of Repossession Risk on Mortgage Default," by Terry O'Malley

16. "The U.S. Labor Market 2007-2017," by Aysegul Sahin

15. "Gender-Targeted Job Ads in the Recruitment Process: Evidence from China," by Peter Kuhn and Kailing Shen Slides

at the Upjohn Institute for Employment Research 2018 Workshop on Job Search and Vacancies, FRB Chicago April 20-21, 2018

14. "Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires," by Mark Gertler, Chris Huckfeldt and Antonella Trigari

at the CADRE Conference, FRB Kansas City, May 9-10, 2017.

13. "Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models," by Susanto Basu and Chris House, Slides

at the Annual Macroeconomics and Monetary Policy Conference, FRB SF, March 31, 2017.

12. "Heterogeneity and Unemployment Dynamics," by Hie Joo Ann and James D Hamilton,

at the California Macroeconomics Conference, Claremont-McKenna College, October 28, 2016.

11. "Credit Growth and the Financial Crisis: A New Narrative," by Stefania Albanesi, Giacomo De Giorgi, and Jaromir Nosal,

at the “Commercial-Housing-Urban-Macro (CHUM) Conference”, FRB Atlanta and University of Wisconsin-Madison, Atlanta, October 14-15, 2016.

10. "Endogenous Wage Rigidity and Labor Force Participation," by Cynthia L. Doniger and David López -Salido,

at the “New Developments in Macroeconomics of Labor Markets,” Kiel-FRB NY, NYC, NY, Sept 8-9, 2016.

9. "Grown-Up Business Cycles" by Benjamin Pugsley and Ayşegül Şahin,

New Developments in the Macroeconomics of Labor Markets, CREI, Barcelona, September 18-19, 2015.

8. "Aging and Deflation: Japanese Experience" by Shigeru Fujita and Ippei Fujiwara,

Macro Montreal "New Developments in Business Cycle Analysis", HEC Montreal, June 1-2, 2015.

7. "Firing Costs and Labor Market Fluctuations: A Cross-Country Analysis" by Gonzalo Llosa, Lee Ohanian, Andrea Raffo and Richard Rogerson,

System Macro Meeting, LA Branch of FRB SF, April 13-14, 2015.

6. “How Sticky Wages in Existing Jobs Can Affect Hiring" by Mark Bils, Yongsung Chang and Sun-Bin Kim,

Recent Developments in the U.S. Labor Market: Analysis and Policy Responses, FRB Atlanta Center for Human Capital Studies, October 2013.

5. “Rebuilding Household Credit Histories: Slow Jobless Recovery from Mortgage Crises” by Guannan Luo,

2013 Financial Management Association Annual Meeting, Chicago, October 2013.

4. “The Trend Is the Cycle: Job Polarization and Jobless Recoveries” by Nir Jaimovich and Henry Siu,

Employment Consequences of the Great Recession, FRB Atlanta Center for Human Capital Studies, September 2012.

3. “Measuring Mismatch in the U.S. Labor Market,” by Ayşegül Şahin, Joseph Song, Giorgio Topa, and Giovanni Violante,

Employment and Education Conference, FRB Atlanta Center for Human Capital Studies, September 2011.

2. “What Drives Movements in the Unemployment Rate?” by Regis Barnichon and Andrew Figura,

New York/Philadelphia Workshop on Quantitative Macroeconomics, NYC, April 2010.

1. “Firm Entry and Labor Market Dynamics,” by Pedro Silos and Enchuan Shao,

Annual Conference of the Canadian Economic Association, Toronto, May 2009.

Teaching: Micro Data for Macro Models Course webpage

A PhD-level mini-course that covers two modules: (1) Wage Rigidity, (2) Matching Efficiency.

Seminar Presentations

Federal Reserve Bank of Richmond (May 2026)
UC Santa Barbara (May 2026)
Trinity College Dublin, the University of Dublin (Mar 2026)
School of Economics, UNSW Business School , Sydney, Australia (Nov 2025)
Reserve Bank of Australia, Sydney, Australia (Nov 2025)
Norges Bank, Oslo, Norway (Oct 2025)
National Bank of Ukraine , on Zoom (June, 2025)
Bank of Canada (May, 2025)
St. Louis Fed (April, 2025)
UCLA (November, 2023)
UC Berkeley (October, 2023, brown bag)
Princeton University (October, 2023)
CREI (September, brown bag, 2023)
AREUEA (April 2023),
UC San Diego (2022), Job-finding and job-losing
SMU (2022),
Pontifical Catholic University of Rio de Janeiro (2022),
Insper Learning Institution, Brazil (2022),
Virtual IAB-FAU macro labor seminar (2021),
CUNY (2021),
New York University (2021),
University of California, Berkeley (2021),
George Washington University (2021),
Virginia Commonwealth University (2021),
Princeton (2020),
Wharton (2020),
University of Warwick (2020)
Copenhagen University (2020)
Federal Reserve Board (2020)
Norwegian Business School (2020)
University of Georgia (2020)
Stanford (2019),
Claremont-McKenna,
Boston FED,
NY FED,
USC,
UC San Diego (2018), Regional consumption responses and aggregate fiscal multiplier
University of Wisconsin-Madison (2018),
Vanderbilt University (2017),
Université du Québec à Montréal (2017),
FRB Cleveland (2017),
UCS (2017),
UC Davis (2016),
Erasmus University Rotterdam, Netherlands (2016),
Tinbergen Institute, Amsterdam, Netherlands (2016),
UC Santa Cruz (2016),
UT Austin (2016),
UC San Diego (2016),
BLS (2016),
U.S. Census (2016),
FRB San Francisco (2016),
Houston University (2016),
European University Institute, Florence, Italy (2015),
FRB Philadelphia (2015),
FRB Chicago (2015),
Federal Reserve Board (2015),
University of Montreal, Canada (2015),
Elon University (2015),
FRB NY (2014),
VCU (2014),
Boston College (2014),
FRB St Louis (2013),
University of Toronto, Canada (2013),
University of Warwick, UK (2013),
University of California Berkeley (2012),
FRB Richmond (2008),
FRB Kansas City (2008),
University of California Santa Cruz (2008),
University of Montreal, Canada (2008),
Wilfrid Laurier University, Canada (2008),
Kyiv School of Economics, Ukraine (2008),
FRB Cleveland (2008)

Conference Presentations

2026

Dambda Lkhagvasuren Memorial Conference, Montreal, Canada, June
SED 2026, Athens, Greece, July

2025

The 2025 World Congress of the Econometric Society (ESWC 2025), Seoul, Korea, August 18-22, 2025
SED 2025, Copenhagen Denmark, June 2025
ASSA Meetings 2025, San Francisco, January 2025

2024

Celebrating the Work of Bob Hall, November 22, 2024, Hoover Institution at Stanford University, Slides
the 2024 Labor Market Workshop, FRB Atlanta, October 2024
the 2024 Labor Markets Macroeconomics Workshop, Arizona State University, October 2024
Mannheim Labor Workshop
SED 2024, Barcelona, Spain
Dolomiti Macro Meetings
the 2nd Annual Oslo Labor Workshop, Norges Bank, June
Getting Global Monetary Policy On Track, The Hoover Institution, May 2-3, 2024
Berkeley Macro Labor Workshop, UC Berkeley April 26, 2024

2023

8th Annual Research Conference in Frankfurt on September 21-22, 2023
ESEM-EEA, Barcelona 2023, August
NBER SI 2023, Macro perspectives, NBER SI 2023, Micro Data Macro Models (by co-author), NBER SI 2023, Real Estate (by co-author)
13th ifo Conference on Macroeconomics and Survey Data, Munich, June
SED, Colombia
Barcelona Summer Forum, The Macroeconomics of Labor Market Group, Barcelona, June
UCLA/SF Fed Conference on Housing, Financial Markets, and Monetary Policy, at UCLA on May 11-12, 2023, https://www.anderson.ucla.edu/about/centers/ucla-ziman-center-for-real-estate/conference-housing-financial-markets-and-monetary-policy
SUERF-Banca d’Italia-ECB-EIB conference, The use of surveys for monetary and economic policy, April 2023, Bank of Italy, https://mail.suerf.org/econsurveys
Rebuild, Reimagine, and Accelerate: Ukraine, Stanford University, March 2023, https://cddrl.fsi.stanford.edu/events/rebuild-reimagine-and-accelerate-ukraine

2022

Labor Markets and Macroeconomic Outcomes; The Laboratory for Aggregate Economics and Finance; University of California, Santa Barbara, February 25-26, 2022;
SOLE 2022;
Midwest Macro 2022;
AREUEA;
SED;
NBER Wage Conference, Boston;
St Louis Fed Human Capital and Growth Conference

2020

EES conference "New Developments in the Macroeconomics of Labor Markets"

2019

American Economic Association Meetings (Atlanta)
Midwest Macro Meetings,
NBER SI, Macro perspectives group,
13th NYU Search Theory Workshop,
Western Economic Association International Meeting (San Francisco),
Credit Bureau Data Users Conference (Atlanta)
BLS Data Users conference "Future of work"
A. Stockman Conference, University of Rochester
2nd European Midwest Micro/Macro Conference (EM3C)

2018

Federal Reserve System Applied Economics Meeting, Washington DC
Midwest Macro Meeting, Madison, WI
Barcelona GSE Summer Forum, Spain
NBER SI, Micro Data and Macro Models, Boston (July, by co-author)

2017

Society of Labor Economists Annual Meeting, Raleigh, NC, May 5-6
CADRE Conference, FRB Kansas City, May 9-10
FRB Macro-Labor Meeting, Washington DC, May 18-19
Society for Economics Dynamics Annual Meeting, Edinburgh, Scotland June 22-26
Western Economic Association International, San Diego, June 25-28
2017 European Economic Association/European Meeting of the Econometric Society, Lisbon, Portugal, Aug
A. Stockman Conference, University of Rochester (Oct)

2016

"New Data and New Questions: Implications for Macroeconomics" at Arizona State University, Arizona (Nov),
A. Stockman Conference, University of Rochester (Oct)
EEA-ESEM, 31st Annual Congress of the European Economic Association and 69th European Meeting of the Econometric Society, Geneva, Switzerland (Aug)
NBER SI Macro Perspectives group, Boston (July)
"Transformation of Central Banking" the annual research conference of the National Bank of Ukraine organized in cooperation with Narodowy Bank Polski, Kyiv, Ukraine (May)

2015

Distributional implications of the crisis and policy responses, 18th DNB Annual Research Conference, Amsterdam, Netherlands (Nov),
Midwest Macro Meetings, University of Rochester (Nov)
Econometric Society World Congress, Montreal, Canada (Aug)
Annual Congress of the European Economic Association, Manheim, Germany (Aug)
Society of Economic Dynamics Meeting, Warsaw, Poland (Jun),
Federal Reserve System Applied Economics Meeting, Dallas (May),
CADRE Meeting (May, Kansas City),
Labor Market Workshop co-sponsored by the University of Kentucky and the Federal Reserve Bank of Cleveland (Feb)

2014

The North American Winter Meetings of the Econometric Society, Philadelphia (Jan)
Federal Reserve System Applied Economics Meeting, Minneapolis (May)
Society of Economic Dynamics Meeting, Toronto (Jun)
NBER Summer Institute, Boston (Jul)
Annual Congress of the European Economic Association, Toulouse, France (Aug)
A. Stockman Conference, University of Rochester (Oct)

2013

A. Stockman Conference, University of Rochester (Oct)
Society of Economic Dynamics Meeting, Seoul (Jun)
The North American Summer Meeting of the Econometric Society, LA (Jun)
Annual Meeting of the Society of Labor Economists, Boston (May)
Annual Meeting of the American Economic Association, San Diego (Jan)

2012

A. Stockman Conference, University of Rochester (Oct)

2011

Annual Meeting of the American Economic Association, Denver CO (Jan)

2010

Society of Economic Dynamics Meeting, Montreal (Jul)
MEA Annual Meeting, CSWEP Session (Mar)

2009

Econometric Society European Meeting, Barcelona (August)
Annual Conference of the Canadian Economic Association, Toronto (May)
System Macroeconomics Committee Meeting, FRB San Francisco (May)
New York/Philadelphia Workshop on Quantitative Macroeconomics, FRB Philadelphia (April)
Society of Labor Economists Annual Meetings (May)
EEA Annual Meeting, CSWEP Session (February)
System Committee on Financial Structure and Regulation, Federal Reserve Bank of Kansas City (November)
Wegmans Conference, University of Rochester (October)
FDIC/FHFA Mortgage Default Modeling Symposium, Arlington (September)

Grant Reviewer

National Science Foundation, USA
Social Sciences and Humanities Research Council of Canada

Swiss National Science Foundation (SNSF)

Referee Service

American Economic Journal: Applied Economics,
American Economic Journal: Economic Policy,
American Economic Journal: Macroeconomics,
American Economic Review,
American Economic Review: Insights,
B. E. Journal of Macroeconomics,
Canadian Journal of Economics,
Econometrica,
Economic Letters,
European Economic Review,
International Economic Review,
International Journal of Central Banking,
Journal of Banking and Finance,
Journal of Comparative Economics,
Journal of Demographic Economics,
Journal of Economic Dynamics and Control,
Journal of European Economic Association,
Journal of Finance,
Journal of Labor Economics,
Journal of Labor Research,
Journal of Legal Studies,
Journal of Macroeconomics,
Journal of Monetary Economics,
Journal of Money, Credit and Banking,
Journal of Political Economy,
Management Science,
Labour Economics,
Oxford Economic Papers,
Quantitative Economics,
Quarterly Journal of Economics,
Real Estate Economics,
Review of Behavioral Economics,
Review of Economic Dynamics,
Review of Economic Studies,
Review of Economics and Statistics,
Review of Financial Studies,
Review of Industrial Organization
Scandinavian Journal of Economics,
The Manchester School

Conference organization

Federal Reserve System Macroeconomics conference, FRB San Francisco, 2023, 2024, 2025 (co-organizer).
SED 2024, Barcelona, Spain (program committee member).
Central Bank Research Association (CEBRA), session "Labor Markets", NYC July 2023
Annual Micro-Macro Labor Economics Conference, FRB San Francisco, 2017, 2018, 2019, 2022 (co-organizer).
Ukraine - Silicon Valley Startup Bridge @lift99, August 2022
IZA Annual Macro-Labor Workshop 2021 (co-organizer).
Bureau of Labor Statistics Data Users Conference, FRB San Francisco, September 2019 (co-organizer)
Latin American and Caribbean Economic Association and Latin American Meeting of the Econometric Society 2018, 2019 (program committee member).
Annual West Coast Search & Matching Spring Workshop, May 2016, 2018 (co-organizer)
Alan Stockman University of Rochester Alumni Conference, Rochester, October 2014, 2018, 2019 (co-organizer)
Federal Reserve System Applied Microeconomics Conference, Richmond, May 16-17 2012 (co-organizer)
Session “Unemployment Across Regions and Sectors” AEA Meetings, Philadelphia, January 2014 (organizer).
Session “New Evidence from Online Job Search” AEA Meetings, San Diego, January 2013 (organizer).
Session “Labor Market, Labor Decisions, and Production Cycles” AEA Meetings, Denver, January 2011 (co-organizer).

Selected Former Research Associates and Placements

Greeshma Avaradi - Stanford University Ph.D. in Economics, 2026
Bradon Miskanic - University of Rochester Ph.D. in Economics, 2025
Louis Liu - UCLA Anderson School of Management Ph.D. in Finance, 2023
Noah Kouchekinia - University of California Irvine Ph.D. in Economics, 2021
David Min - Duke University Ph.D. in Economics, 2016
Marisa Shenk - Mathematica, 2015 cohort; Georgetown University M.P.P., 2019
Jonathan Tompkins - University of Wisconsin-Madison M.A. in Economics, 2015
Peter Debbaut - North Caroline State University M.S. in Applied Mathematics, 2015