How MUCH TIME do individuals spend in unemployment? How does this change over the
business cycle? How does the duration of unemployment vary across individuals? Answers to …

This article investigates whether differences in information‐based trading can explain observed
differences in spreads for active and infrequently traded stocks. Using a new empirical …

Presenting a complete survey of labor economics from the search point of view, this is the
first book to coordinate a vast and scattered literature, making an increasingly important and …

Using the model structure of Easley and O'Hara (Journal of Finance, 47, 577–604), we
demonstrate how the parameters of the market-maker's beliefs can be estimated from trade data. …

Purchased order flow refers to the practice of dealers or trading locales paying brokers for
retail order flow. It is alleged that such agreements are used to “cream skim” uninformed …

The trade process is a stochastic process of transactions interspersed with periods of inactivity.
The realizations of this process are a source of information to market participants. They …

A new first-order asymptotic theory for heteroskedasticity-autocorrelation (HAC) robust tests
based on nonparametric covariance matrix estimators is developed. The bandwidth of the …

This paper provides an empirically tractable version of a job-search model. The model is
estimated using data on a sample of workers who were laid off when their plants closed. A …

The problem of controlling a stochastic process with unknown parameters over an infinite
horizon with discounting is considered. The possibility of sacrificing current period expected …

An efficient estimator for regressions in which the parameter vector can take any of several
values is devised. It is shown that although the likelihood function is unbounded, the …