This paper analyzes adjustment mechanisms for philanthropic organizations in a downturn. In the global philanthropic community, the current economic context and the difficulty to make sense of it have led donors to review their activities. In the 2008 recession, many foundation endowments have...

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric--making unlicensed workers an illegal substitute for licensed workers but not the reverse. We test our hypothesis using a difference-in-differences event study research design...

We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic volatility, which is is reflected in the volatility of output and other macro variables; (ii)...