"This paper develops a new approach to change-point modeling that allows for an unknown number of change points in the observed sample. Our model assumes that regime durations have a Poisson distribution. The model approximately nests the two most common approaches: the time-varying parameter...

We develop a dynamic factor model with Markov switching to examine secular and business cycle fluctuations in the U.S. unemployment rates. We extract the common dynamics amongst unemployment rates disaggregated for 7 age groups. The framework allows analysis of the contribution of demographic...

Using matched March Current Population Surveys, we examine labor market transitions of husbands and wives. We find that the "added-worker effect" - the greater propensity of nonparticipating wives to enter the labor force when their husbands exit employment - is still important among a subset of...