In this paper my coauthor and I find you can’t rationalise mandatory contributions and tax concessions as an optimal policy *unless* the concessions solve a political problem (in our paper, they’re necessary to get new workers to opt into the system)

tinyurl.com/mr8y9ph9

But total interviews have cratered, currently far below 2020-21 when Covid was as its worst. This means the average interviews offered per job of around 4, down substantially from 5.5 in the last four years.

Here’s my job market paper ‘Household Liquidity Policy’, joint with Patrick Moran at the FRB