My research interests are macroeconomics, labor markets, and firm dynamics.

In my Job Market Paper, I examine the role of labor force growth in accounting for the decline in labor mobility in the U.S. since the 1980s. I develop a general equilibrium model of firm dynamics and on-the-job search in which lower labor force growth reduces firm entry, shifts the firm age distribution toward older, slower-growing employers, and lowers the creation of high-wage jobs. Calibrated to the early 1980s U.S. economy, the model accounts for 60% of the observed decline in employer-to-employer (EE) transitions and has sizable implications for wage growth. In a counterfactual exercise I find that halting immigration since the 1980s would have lowered EE transitions by about 20% and further slowed wage growth, highlighting the key role of immigration in the U.S. labor market. 

In the summer of 2025, I was selected to participate as a PhD Dissertation Fellow at the Federal Reserve Bank of St. Louis, spending a month in their Research Division. 

You can download my CV here and contact me at hcardozo@asu.edu.