This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process...

I use register data from Statistics Danmark to compute job destruction and job finding rates by age in Danmark. The data shows that the life cycle has far more variation in finding and destruction rates than the business cycle. In addition, rates that account for job to job transitions are much...