Job Search, Wages, and Inflation

We thank our discussants Holly Dykstra, Bart Hobijn, and Yoon Jo. We also thank Samuel Arenberg, Rudi Bachmann, David Berger, Alex Bick, Adam Blandin, Jeffrey Campbell, Gregor Jarosch, Leonardo Melosi, Benjamin Pugsley, Michael Pries, Eric Sims, and Giovanni Topa, along with participants in the Bundesbank and Banque de France 2022 Joint Spring Conference, Bank of Finland and CEPR Joint Conference “Monetary Policy in the Post-Pandemic Era,” I-85 Macroeconomics Workshop, Empirical Macroeconomics 2022 conference, NBER Monetary Economics Spring 2023 program meeting, CESifo Venice Summer Institute ”The ’70s are Back: Determinants and Implications of High Inflation”, and the NBER Micro Data for Macro Models and The Micro and Macro Perspectives of the Aggregate Labor Market Summer Institute meeting for helpful comments. We thank Victoria Consolvo and Thomas Poitevin for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• October 8, 2024
• September 29, 2025