Shimer's calibrated version of the Mortensen-Pissarides model generates unemployment fluctuates much smaller than the data. Hagedorn and Manovskii present an alternative calibration that yields fluctuations consistent with the data, but this has been challenged by Costain and Reiter, who say it...

The global financial crisis has now spread across multiple countries and sectors, affecting both financial and real spheres in the advanced as well as the developing economies. This has been caused by policies based on "rational expectation" models that advocate deregulated finance, with...

This paper reviews recent research on the determinants of the labour market outcomes of the children of immigrants in Canada and in the U.S. New research on labour market outcomes in Canada is also presented. In the aggregate, and with no controls, the labour market outcomes of the second...

Most immigrants will tell you of the horror stories surrounding their survival. The Cold War which was metaphorically a gang war between the United States of America and the Soviet Union caused many to suffer. Containing the spread of communism and promoting free market economies was the main...

We characterize the degree of microeconomic inflexibility in several Latin American economies and find that Brazil, Chile and Colombia are more flexible than Mexico and Venezuela. The difference in flexibility among these economies is mainly explained by the behavior of large establishments,...