This paper offers empirical evidence showing that, relative to "normal" recessions, financial crises hit the labor market by either enhancing the degree of joblessness and/or by further depressing the real wage – a situation that the paper labels "wageless recovery." This holds for a sample of...

The Great Recession of 2007-2009 has not only caused a large wealth loss, it was also followed by a sluggish subsequent recovery. Two years after officially emerging from the recession, the economy was still growing at a low pace and payroll employment was far from reaching its previous peak....

The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and fiscal support and mortgage refinancing have partly offset increased consumer cautiousness. The consumer will remain on a tightrope...

The Great Recession of 2007-2009 has not only caused a large wealth loss, it was also followed by a sluggish subsequent recovery. Two years after officially emerging from the recession, the economy was still growing at a low pace and payroll employment was far from reaching its previous peak....

Theory predicts that mandated employment protections may reduce productivity by distorting production choices. Firms facing (non-Coasean) worker dismissal costs will curtail hiring below efficient levels and retain unproductive workers, both of which should affect productivity. These theoretical...

Over the past decade, the share of jobs not controlled by the state has increased considerably, whilst employment in agriculture has declined, against the backdrop of ongoing urbanisation. Over 200 million people have been drawn into urban areas through official or unofficial migration, despite...

We estimate the effects on firm salary, return on assets, and efficiency of wrongful discharge protections adopted by U.S. state courts during 1980-1990. By examining the data of approximately 17,500 commercial banks, we find evidence that all three wrongful discharge doctrines - the public...

Hay dos temas transversales que se abordan en este volumen; uno es la exclusión, definida como la restricción de la posibilidad de acceso a algún servicio, bien público u oportunidad, entendida esta en el sentido amplio. La segunda es la discriminación, entendida como el trato desigual,...

We analyze labor discrimination in Peru, a fast-growing country where much anecdotal evidence suggests the presence of discriminatory practices in everyday life. Using surnames (indigenous/white) as a proxy for race, we sent 4820 fictitious CVs in response to 1205 real job vacancies for...

Many studies have been conducted to analyze the effect of stricter Employment Protection Legislation (EPL). However, almost all of them has focused on an ex-post impact; leaving aside a second but equally important channel: expectations. This paper aims to analyze the role of expectations on...