NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Reference-Dependence and Labor-Market Fluctuations

Kfir Eliaz, Rani Spiegler

NBER Working Paper No. 19085
Issued in May 2013

---- Acknowledgements -----

Spiegler acknowledges financial support from the European Research Council, Grant no. 230251. We thank Gadi Bar-Levy, Martin Dufwenberg, Erik Eyster, Robert Hall, Elhanan Helpman, Giuseppe Moscarini, Christopher Pissarides, Thijs van Rens, Ariel Rubinstein, Ron Siegel, Balazs Szentes, Eran Yashiv, Michael Woodford, Alwyn Young and numerous seminar participants for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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