unemployment by about 2.2 pp after five years. If sequencing is required, starting with PMRs would be more effective in boosting … output, while starting with LMRs would reduce unemployment faster. Finally, increasing unemployment benefits would be more …

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 …

This paper develops a theory of international trade in which financial development and factor endowments jointly … constrained by financial development. The theory nests HOS model as a special case. A key result that emerges is what we call the …

relatively minor intervention can dramatically increase the fragility of jobs, the length of unemployment spells, as well as the … extent of unemployment and labor market churning. With institutions of the type studied here common across many different …