We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …

find that babies are born healthier when the local unemployment rate is high. Although fertility is lower during recessions …

correlations are computed in several ways. Union coverage and replacement ratios in the first year of unemployment are the labor … reducing unemployment volatility in countries with heavily regulated labor markets. …