In most U.S. post-war business cycles, recessions were followed by above trend growth in output and employment. After the last three recessions, however, output and employment growth were sluggish. Economists focusing on employment have described these recoveries as “jobless.” This paper...

This paper studies the relationship between the change in the unemployment rate and output growth using an approach based on labor market flows. The framework shows why the Okun coefficient may be constant/time-varying and/or symmetric/asymmetric and that the outcome lies with the behavior of...

Critical review of investment-economic performance literatures in economics and strategic management indicates that more capital investment does not seem to contribute to higher national economic growth or to higher corporate profitability. Instead, greater utilization of capital and human...

After three decades of rapid growth, the Chinese economy has been slowing; at the same time, concerns about the sustainability of its growth model are mounting, calling for urgent rebalancing. This paper provides an assessment of how, and to what extent, the rebalancing process may impact...

This study examines the relationship between growth and employment in Nigeria to gain insights into the country's paradox of high economic growth alongside rising poverty and inequality. The methodology adopted is the Shapley decomposition approach, complemented with econometric estimation of...

China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...

An assessment of the current state of housing viewed from the perspective of the slowly-recovering economy, coupled with valuations of the housing market, suggests there is a high likelihood of a double dip in housing prices. With current prices nearly 30 percent below their April 2006 peak, an...

We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...

The authors study the sources and pattern of China's impressive economic growth over the past 25 years and show that key issues currently of concern to policymakers - widening inequality, rural poverty, and resource intensity - are to a large extent rooted in China's growth strategy, and...

This paper studies the relationship between the change in the unemployment rate and output growth using an approach based on labor market flows. The framework shows why the Okun coefficient may be constant/time-varying and/or symmetric/asymmetric and that the outcome lies with the behavior of...