America, Oceania, and East Asia. This has led to low labor force participation and high unemployment, especially among young … unnecessary evil. Restructuring unemployment and pension benefits will help to increase participation and reverse the decline of …

This paper challenges what is the standard account of UK unemployment, namely that the major swings in unemployment … over the past 25 years are due predominantly to movements in the underlying empirical "natural rate of unemployment" (NRU … unemployment are due, instead, to very prolonged after-effects of persistent (transitory but long-lasting) shocks. We argue that (a …