unemployment in the event of an adverse shock. The liberalization of the disability program appears to explain both facts ….S. unemployment rate would be two-thirds of a percentage point higher at present were it not for the liberalized disability system …

This paper studies the role of unemployment in sterling's interwar experience. According to most narrative accounts …, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British … currency crises, highlights the conflict between the objective of low unemployment and defense of the currency and show that it …