Marginal Jobs, Heterogeneous Firms, & Unemployment Flows

We are grateful to Gary Solon and Matthew Shapiro for their comments, support, and encouragement, to anonymous reviewers at the National Science Foundation for very constructive comments, and to John Haltiwanger, Ron Jarmin, and Javier Miranda for providing us with tabulations from the Longitudinal Business Database. We also thank Bjorn Brugemann, Shigeru Fujita, William Hawkins, Bart Hobijn, Winfried Koeniger, Per Krusell, Toshi Mukoyama, Aysegul Sahin and Dmitriy Stolyarov, as well as seminar participants at the May 2007 UM/MSU/UWO Labor Day, the European Central Bank, the Kansas City Fed, UQAM, the New York/Philadelphia Fed Workshop on Quantitative Macroeconomics, Yale, the 2008 CEPR ESSLE conference, the Minneapolis Fed, Chicago Booth, Oslo and Oxford for helpful comments. All errors are our own. Email address for correspondence: elsby@umich.edu. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

• February 5, 2008