Claudio Michelacci

CEMFI - Calle Casado del Alisal 5 - 28014 Madrid - Spain
Phone: +34 914 290 551 - Fax: +34 914 291 056 - E-mail:


Ph.D., London School of Economics, 1998



Macroeconomics. International Economics



Growth, search, labour, business cycle                                                          


CURRICULUM VITAE  (the following highlighted items can be downloaded in pdf format )

Curriculum Vitae


·      “Does Idiosyncratic Business Risk Matter for Growth?,” (2013), [with Fabiano Schivardi],  Journal of the European Economic Association 11.  Complementary material: Paper Appendices.

·      “Intertemporal Labor Supply with Search Frictions?,” (2012), [with Josep Pijoan],  Review of Economic Studies 79. Complementary material: Paper Appendices.

·      “The Ins and Outs of Unemployment: An Analysis Conditional on Technology Shocks  (2012), [with Fabio Canova and David Lopez Salido],   forthcoming Economic Journal. Online Appendices

·      “The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the US and Europe,” (2010), [with Alejandro Justiniano],  in NBER-ISOM Macro Annual 2011, Vol. 8

·      “Social Contacts and Occupational Choice,” (2010), [with Samuel Bentolila and Javier Suarez], Economica, 77. A Financial Time article about this paper.  A Financial Time Deutschland article about this paper 

·      “On the effects of Technology Shocks on Hours and Output: A Robustness Analysis ,” (2010), [with Fabio Canova and David Lopez Salido], Journal of Applied Econometrics, 25.

·      “Financial Markets and Wages,” (2009), [with Vincenzo Quadrini], Review of Economic Studies, 76 (2), 795-827.

·      “Technology Shocks and Job Flows,” (2007), [with David Lopez Salido], Review of Economic Studies, 74.  Replication Material (Data, Programs and Computational Appendix).

·      “Why So Many Local Entrepreneurs?,” (2007), [with Olmo Silva], Review of Economics and Statistics, 89(4).

·      “Incomplete Wage Posting,” (2006), [with Javier Suarez], Journal of Political Economy, 114 (6). Complementary note (“Incomplete Wage Posting with Ranking”)

·      “Borrowing from employees: Wage dynamics with Financial Constraints,” (2005), [with Vincenzo Quadrini], Journal of the European Economic Association, 3 (2-3).

·      “Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations,” (2004), Journal of Monetary Economics, October, 51, 1321-1352

·      “Business Creation and the Stock Market,” (2004), [with Javier Suarez], Review of Economic Studies, 71, 459-481. A Corriere della Sera article about this paper 

·      “Low Returns in R&D Due to the Lack of Entrepreneurial Skills,” (2003), Economic Journal, 113, 207-225

·      “(Fractional) Beta Convergence,” (2000), [with Paolo Zaffaroni], Journal of Monetary Economics, 45, 129-153

·      “Unemployment Dynamics across OECD Countries,” (2001), [with R. Balakrishnan], European Economic Review, 45, 135-165

·      “Employment and Output Adjustment in the OECD: A Disaggregate Analysis of the Role of Job Security Provisions,” (2000), [with Simon Burgess and Michael Knetter], Economica, 67, 419-435



·      “Labour Market Adjustments in Europe,” (2005), [edited with Juliαn Messina, Jarkko Turunen, and  Gylfi Zoega], Edward Elgar Publishing Ltd



·      “Optimal Life Cycle Unemployment Insurance,” (2013), [with Hernan Ruffo],  mimeo, CEMFI, Online Appendices

·      “Labor Supply with Job Assignment under Balanced Growth,” (2013), [with Josep Pijoan], mimeo, CEMFI.

·      “The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the US and Europe,” (2010), [with Alejandro Justiniano],  paper prepared for the ISoM conference in Malta 2011 organized by Chris Pissarides and Jeffrey Frankel

·      “How Inefficient is Worker Reallocation?” (2010), [with David Lopez-Salido and Alejandro Justiniano] ],  mimeo, CEMFI

·      “What do Technology shocks tell us about the Ins and Outs  of unemployment? (2008), [with Fabio Canova and David Lopez Salido], mimeo, CEMFI.

·      “Schumpeterian Technology Shocks,” (2007), [with Fabio Canova and David Lopez Salido], mimeo, CEMFI. Complementary material: Paper Appendices; Computational Appendix.



Go back to CEMFI's home page.