This paper examines the link between capital stock and unemployment persistence. An overlapping-generations model with … endogenous labor supply and imperfect competition is presented. It is used to interpret the unusual persistence of unemployment …, unemployment continues to be very high. The paper argues that an important part of the explanation lies in the decline of capital …

Unemployment has remained high in the Philippines, at almost twice the level of neighboring countries, despite … relatively fast employment growth in the past decade. Employment growth was not sufficient to reduce unemployment because of … unemployment declines were positively correlated with real GDP growth and, to a lesser extent, negatively with the real minimum …

The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price …

-run capital flows in both theory and in the data. For this purpose, we develop a two region overlapping generations model where …