Calvo, Guillermo; Coricelli, Fabrizio; Ottonello, Pablo - C.E.P.R. Discussion Papers - 2012
This paper offers empirical evidence showing that, relative to "normal" recessions, financial crises hit the labor market by either enhancing the degree of joblessness and/or by further depressing the real wage – a situation that the paper labels "wageless recovery." This holds for a sample of...