Current working papers 

• • "Efficiency in Job-Ladder Models" (with Masao Fukui)

  • "Firm Growth through New Establishments" (with Dan Cao, Henry R. Hyatt, and Erick Sager) slides  SSRN  GCER WP version

  • "Occupational Reallocation Within and Across Firms: Implications for Labor-Market Polarization" (with Naoki Takayama and Satoshi Tanaka) RIETI DP 23-E-051

  • "Entrepreneurship and Financial Deregulation" (with Gang Zhang)

  • "Propagation of Export Shocks: The Great Recession in Japan" (with Kanato Nakakuni and Makoto Nirei)

Older working papers

• • "A Note on Cyclical Discount Factors and Labor Market Volatility" September 2009  Matlab codes

  • "Entry, Exit and Plant-Level Dynamics over the Business Cycle" (with Yoonsoo Lee) January 2008  Our column at VoxEU.org based on this WP 

  • "Education as Self-Discovery" April 2004 

Publications

• • "Gross Worker Flows over the Life Cycle" (with Tomaz Cajner and İlhan Güner) Journal of Money, Credit, and Banking, forthcoming.  Online Appendix

  • "In Defense of the Kaldor-Hicks Criterion," Economics Letters 224: 111031, March 2023.  WP version

  • "Cyclical Part-Time Employment in an Estimated New Keynesian Model with Search Frictions" (with Mototsugu Shintani and Kazuhiro Teramoto) Journal of Money, Credit, and Banking 53 (8): 1929-1968, December 2021.  Online Appendix  GCER WP version (pdf is updated to the newest version)  CIRJE Working Paper

  • "MIT Shocks Imply Market Incompleteness," Economics Letters 198: 109666, January 2021.  Online Appendix  WP version

  • "Gross Worker Flows and Fluctuations in the Aggregate Labor Market," (with Per Krusell, Richard Rogerson, and Aysegül Şahin) Review of Economic Dynamics 37: S205-S226, August 2020.  Replication files  NBER WP version

  • "Job Duration and Match Characteristics over the Business Cycle," (with Ismail Baydur) Review of Economic Dynamics 37: 33-53, July 2020.  Online Appendix  GCER WP version

  • "Industrialization and the Evolution of Enforcement Institutions," (with Latchezar Popov) Economic Theory 69 (3): 745-788, April 2020.  View only link (ungated)   Online Appendix  

  • "Jobs Before College Completion and Career Building of Young Workers Through Job Switching," (with Gang Zhang) Macroeconomic Dynamics 23 (7): 2892-2940, October 2019.

  • "Barriers to Reallocation and Economic Growth: The Effects of Firing Costs," (with Sophie Osotimehin) American Economic Journal: Macroeconomics 11 (4): 235-270, October 2019.  Online Appendix  Replication materials  Older WP version  GCER featured research profile (based on the older WP version)

  • "Heterogeneous Jobs and the Aggregate Labor Market," Japanese Economic Review 70 (1): 30-50, March 2019. (paper for JEA Nakahara Lecture) Lecture slides  Prize announcement at JEA  Prize announcement at JER  GCER WP version

  • "A Model of Entry, Exit, and Plant-level Dynamics over the Business Cycle," (with Yoonsoo Lee) Journal of Economic Dynamics and Control, 96: 1-25, November 2018.  Codes for the baseline model

  • "Economic Policies with Endogenous Entry and Exit of Plants," (with Yoonsoo Lee) Journal of Economic Theory and Econometrics, 29 (2): 28-47, June 2018.

  • "Job Search Behavior over the Business Cycle," (with Christina Patterson and Ayşegül Şahin) American Economic Journal: Macroeconomics, 10 (1): 190-215, January 2018.  Earlier version (NY Fed WP) with more empirical analysis

  • "Gross Worker Flows over the Business Cycle," (with Per Krusell, Richard Rogerson, and Aysegül Şahin) American Economic Review, 107 (11): 3447-3476, November 2017.  Earlier version (NBER WP) with general equilibrium analysis

  • "Productivity and Employment Dynamics of US Manufacturing Plants," (with Yoonsoo Lee) Economics Letters, 136: 190-193, November 2015.  Online Appendix

  • "Entry and Exit of Manufacturing Plants over the Business Cycle," (with Yoonsoo Lee) European Economic Review, 77: 20-27, July 2015.  Online Appendix  

  • "The Political Economy of Entry Barriers," (with Latchezar Popov) Review of Economic Dynamics, 17 (3): 383-416, July 2014.  Online code files

  • "The Cyclicality of Job-to-Job Transitions and Its Implications for Aggregate Productivity," Journal of Economic Dynamics and Control, 39: 1-17, February 2014.  Matlab program for time-aggregation adjustment  Related article in the Wall Street Journal (October 6, 2013)  The same article in Japanese

  • "Understanding the Welfare Effects of Unemployment Insurance Policy in General Equilibrium," Journal of Macroeconomics, 38 (B): 347-368, December 2013. Old working paper version with more detailed analysis  Even older working paper with three different models and pure insurance effect

  • "Evaluating the Effects of Entry Regulations and Firing Costs on International Income Differences," (with Hernan J. Moscoso Boedo) Journal of Economic Growth, 17 (2): 143-170, June 2012.

  • "Asset Prices in a Huggett Economy," (with Per Krusell and Anthony A. Smith, Jr.) Journal of Economic Theory, 146 (3): 812-844, May 2011.  Technical Appendix

  • "A Three State Model of Worker Flows in General Equilibrium," (with Per Krusell, Richard Rogerson, and Ayşegül Şahin) Journal of Economic Theory, 146 (3): 1107-1133, May 2011.

  • "Welfare Effects of Unanticipated Policy Changes with Complete Asset Markets," Economics Letters, 109 (2): 134-138, November 2010.

  • "Labour-Market Matching with Precautionary Savings and Aggregate Fluctuations," (with Per Krusell and Ayşegül Şahin) Review of Economic Studies, 77 (4): 1477-1507, October 2010.  Appendices  Fortran codes

  • "Aggregate Labor Market Outcomes: The Roles of Choice and Chance," (with Per Krusell, Richard Rogerson, and Ayşegül Şahin) Quantitative Economics, 1 (1): 97-127, July 2010.

  • "On the Establishment Dynamics in the United States and Japan," Monetary and Economic Studies, 27: 53-74, November 2009.  Mentioned in the Wall Street Journal (September 10, 2010)  WSJ article can be read here

  • "Revisiting the Welfare Effects of Eliminating Business Cycles," (with Per Krusell, Ayşegül Şahin, and Anthony A. Smith, Jr.) Review of Economic Dynamics, 12 (3): 393-404, July 2009.  Online appendices  Online code files

  • "Why Did the Average Duration of Unemployment Become So Much Longer?" (with Ayşegül Şahin) Journal of Monetary Economics, 56 (2): 200-209, March 2009.  Longer version with appendix

  • "A Simple Model of Productivity Slowdown," Applied Economics Letters, 16 (5): 455-458, March 2009.

  • "Specialization and Efficiency with Labor-Market Matching," (with Ayşegül Şahin) Journal of Economic Dynamics and Control, 33 (1): 221-236, January 2009.  WP version "Patterns of Specialization" with a very different model

  • “Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions,” (with Per Krusell, Richard Rogerson, and Ayşegül Şahin) Journal of Monetary Economics, 55 (5): 961-979, July 2008.

  • "Endogenous Depreciation, Mismeasurement of Aggregate Capital, and the Productivity Slowdown," Journal of Macroeconomics, 30 (1): 513-522, March 2008.

  • "Costs of Business Cycles for Unskilled Workers," (with Ayşegül Şahin) Journal of Monetary Economics, 53 (8): 2179-2193, November 2006.  Longer version: CIREQ working paper 15-2005

  • "Rosenberg’s “Learning by Using” and Technology Diffusion," Journal of Economic Behavior and Organization, 61 (1): 123-144, September 2006.  Old version: CIREQ working paper 21-2005

  • "Specialization and Human Capital in Search Equilibrium," (with Ayşegül Şahin) Journal of the European Economic Association, Papers and Proceedings, 4 (2-3): 503-512, April 2006.  Longer version: CIREQ working paper 26-2005

  • "Repeated Moral Hazard with Persistence," (with Ayşegül Şahin) Economic Theory, 25 (4): 831-854, June 2005.  Longer version: CIREQ working paper 01-2004

  • "Diffusion and Innovation of New Technologies under Skill Heterogeneity," Journal of Economic Growth, 9 (4): 451-479, December 2004.

  • "Innovation, Imitation, and Growth with Cumulative Technology," Journal of Monetary Economics, 50 (2): 361-380, March 2003.