NBER Working Paper No. 20479
Issued in September 2014, Revised in December 2014
---- Acknowledgments ----
We thank Richard Rogerson, other conference participants, Claudia Goldin, Jason Faberman and Jim Spletzer for helpful comments and the Kauffman Foundation, the University of Chicago Booth School of Business, and the University of Maryland for financial support. Jake Blackwood, Diyue Guo, and Claudia Macaluso provided excellent research assistance. This paper was prepared for the Federal Reserve Bank of Kansas City’s economic policy symposium on “Re-Evaluating Labor Market Dynamics,” held August 21-23 2014 in Jackson Hole, Wyoming. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.