fifty and above who have experienced an involuntary job loss. Hazard models for returning to work and for exiting post-displacement …

recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the … exogenous (e.g. policy alteration). A cycle can be triggered if the displacement signals high short-run profit opportunities but … agents lack an understanding of the long-run impact of the displacement and cannot form coherent expectations. The …