Whether social transfers should be targeted or universal is an unsolved debate that is particularly relevant for the implementation of social protection schemes in developing countries. While the limited availability of public resources encourages targeting, the difficulty in identifying the...

Wealth is an increasingly important dimension of economic well-being and is attracting rising attention in discussions of social inequality. In this paper, we compare - within and across countries - wealth outcomes, and link those to both employment-related factors and policy solutions that have...

This paper analyzes the impacts of the 1998 and 2008 financial crises on the Korean labor market. We study the historical background of the Korean Employment Insurance System and the change of labor policies from the 1998 Asian financial crisis to the current 2008 global financial crisis. While...

This paper reviews the role of Social Protection and Labor in supporting both climate adaptation and mitigation efforts. The Climate Crisis is impacting the poor and vulnerable disproportionally, both as a consequence of climate shocks and through the distributional impacts of climate mitigation...

Precipitated by rapid globalization, rising inequality, population growth, and longevity gains, social protection programs have been on the rise in developing countries in the last three decades. However, the introduction of public benefits could displace informal mechanisms for risk-protection,...

This paper studies how population aging affects macroeconomic performance and the effectiveness of macroeconomic policies. By using a new Keynesian dynamic stochastic general equilibrium model with heterogeneous households, we find that the effectiveness of monetary policy diminishes as...

Does a shortage of safe assets sow the seeds of instability in a financial system? This paper empirically explores the hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the assumption of growth- or wealth-based demands...

The Community Explorer provides new insights and data on the characteristics and diversity of the US population. Using machine learning methods, it synthesizes the information of 751 variables across 3,142 counties from the US Census Bureau's American Community Survey into 17 communities. Each...

This policy paper presents key findings and suggestions on Malaysia's old-age financial protection system within the context of the country's broader social security framework. The trademark policy approach focusing on job creation instead of expanding social security programs served the country...

This paper develops a three-period overlapping-generations model where middle-aged agents care about not only their own lifetime utility but also their old parents’ and children’s well-being. The double altruistic agents choose amounts of intergenerational transfers to their old parents and...