Recessions and the Cost of Job Loss
---- Acknowledgements -----
We thank Bob Hall, Richard Rogerson, David Romer and conference participants for many helpful comments on an earlier draft. April Chen, Olga Deriy and Gregor Jarosch provided outstanding research assistance. Davis thanks the University of Chicago Booth School of Business for research support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.