Recessions leave scars on the labor market. Over 200 million people across the globe are estimated to be unemployed at present resulting from the Great Recession of 2007–09. We assess the human cost of increased unemployment by surveying what is known about the effects of past recessions. If...

Recessions leave scars on the labor market; the Great Recession of 2007-09 has left gaping wounds. Over 200 million people across the globe are estimated to be unemployed at present. Among countries with unemployment data in the IMF's World Economic Outlook (WEO) database, there has been an...

The world faces an unemployment crisis. Across the globe, an estimated 210 million people are unemployed, an increase of more than 30 million since 2007. The problem is particularly severe in the United State - the epicenter of the Great Recession and the country with the highest increase in the...

The U.S. labor force participation rate (LFPR) fell dramatically following the Great Recession and has yet to start recovering. A key question is how much of the post-2007 decline is reversible, something which is central to the policy debate. The key finding of this paper is that while around...

The aim of this paper is to analyze unemployment and labor market developments in Algeria and assess the factors that may hamper employment creation. The results of the paper suggest that the relative low output-employment elasticities and rigid labor market are the main factors behind the still...

Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of...