The shift toward more volatile real house price growth, unaccompanied by a shift in the volatility of real GDP growth, offers evidence that house price dynamics and real output growth may have diverged beginning around the 2001 recession.

In contrast to similar credit expansions in the euro periphery in the 2000s and East Asia in the 1990s, China’s credit boom is far less likely to end in a dramatic bust because it’s financed by domestic savings.

A high statistical correlation can be found between the level of policy transparency among central banks and the anchoring of inflation expectations.

The decline of industrial employment in advanced economies is part of a long-term structural transition. A growing service sector, with an increasing share of jobs, has become key to long-run productivity growth.

Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme financial stress in 2008, and the labor market has yet to...

Technological progress appears to have shifted around 2001, when the median emerging economy’s growth rate accelerated and surpassed that of advanced economies.