Kaplan, Greg; Menzio, Guido - Griswold Center for Economic Policy Studies, Department … - 2013
stock market that closely resemble those observed in the US during the Great Recession. …We propose a novel theory of self-ful?lling ?uctuations in the labor market. A ?rm employing an additional worker … that negative shocks to the agents?expectations lead to ?uctuations in vacancies, unemployment, labor productivity and the …