Using a large panel of administrative records this study confirms the predictions of the ranking model of Blanchard and Diamond (1994) that an individual's probability of leaving unemployment decreases with unemployment duration and increases with economic growth. However, the ranking model of...

In 2010, the World Bank categorized countries by GDP (at Purchasing Power Parity) per capita (at constant 1990 prices) in three categories: low, middle (low and high), and high. If a country falls in a trap at least 28 years in the low middle income and at least 14 years in the high middle...

We investigate the growth-finance nexus in an endogenous growth model with search frictions and congestion effects in credit and innovation markets. The interplay between these two frictions generates a nonlinear relationship between finance and growth. Financial development eases the financing...