Robert E. Hall - Recent Unpublished Papers


Job-Finding and Job-Losing: A Comprehensive Model of Heterogeneous Individual Labor-Market Dynamics (with Marianna Kudlyak), February 16, 2019.


Using Empirical Marginal Cost to Measure Market Power in the US Economy, November 6, 2018. NBER Working Paper 25251. – Replication File -


Achieving Price Stability by Manipulating the Central Bank’s Payment on Reserves (with Ricardo Reis), May 16, 2017.


The Pervasive Importance of Tightness in Labor-Market Volatility (with Sam Schulhofer-Wohl), April 11, 2017.


The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate (replaces ”Understanding the Decline in the Safe Real Interest Rate”), April 8, 2017. Data and Calculations –


Why Has the Unemployment Rate Fared Better than GDP Growth?, June 28, 2016.—Data


Maintaining Central-Bank Financial Stability under New-Style Central Banking (with Ricardo Reis), July 16, 2015.


What the Cyclical Response of Advertising Reveals about Markups and other Macroeconomic Wedges, April 2014 (replaces NBER Working Paper 18370). Data and Calculations –





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