Recessions leave scars on the labor market. Over 200 million people across the globe are estimated to be unemployed at present resulting from the Great Recession of 2007–09. We assess the human cost of increased unemployment by surveying what is known about the effects of past recessions....

This paper contributes to the current debate on what role financial stability considerations should play in monetary policy decision and how best to integrate macro-prudential and monetary policy frameworks. The paper broadly supports the view that monetary policy easing induces greater...