Job Market Monitor
Financial crisis
Home Ownership and Displaced Workers in Netherlands – Job losses result in longer commutes
As in many other countries, the Dutch owner-occupied housing market and labour market suffered from strong negative developments during the Great Recession that started in 2008. The large scale at which the transaction prices and home property values fell in the Dutch housing market is very rare — it previously occurred in the period 1978 … Continue reading
Youth Unemployment in Australia – The impacts of the Global Financial Crisis on
Australia was one of the few OECD countries to emerge from the Global Financial Crisis (GFC) without facing a recession, usually defined as negative GDP growth for two consecutive quarters. However, the (overall) unemployment rate did increase following the GFC and has still not returned to the pre-GFC levels. Unemployment rates for youths went up … Continue reading
Economists may be too optimistic about the recovery path of output following recessions says FRB analysis
The economic collapse in the wake of the global financial crises (GFC) and the weaker-than-expected recovery in many countries have led to questions about the impact of severe downturns on economic potential. Indeed, for several major economies, the level of output is nowhere near returning to pre-crisis trend (figure 1). Such developments have resulted in … Continue reading
Financial Crisis and Jobs – The current Job Recovery in US outperforms other
When comparing the Great Recession against other advanced economies’ financial crises in recent decades, the current U.S. cycle has outperformed in terms of employment, even as most other measures of financial crises were just as bad — home prices, stock prices, GDP per capita, government debt and the like. Chosen excerpts by Job Market … Continue reading
UK / Self-Employment, the fastest growing sector since the Financial Crisis
The number of self-employed people in Britain has shot up by 367,000 since the financial crisis, according to official figures, becoming the fastest growing sector in the labour market and masking a fall in the number of employees, as many were forced to make their own way because of the global downturn. In recent months, … Continue reading
US Unemployment: On the Supernatural Rate
The Natural Rate Hypothesis has been around us for … since Freidman presidential adress (1968?). Economists know that the definition lies on shaky grounds: the general “equilibrium” referred to in the definition has never existed or proven to exist. But assuming it does exist, we should add a concept acounting for the huge gap between … Continue reading
A Recovery is not another recovery
The point that all recoveries are the same — whether preceded by a financial crisis or not — is argued in a recent Federal Reserve working paper by Greg Howard, Robert Martin and Beth Anne Wilson. It was also discussed in a recent article in the Wall Street Journal. It is mystifying that they can … Continue reading
U.S. | Rising innequalities in the United States was a root cause of the financial crisis
As noted by The Economist, “[s]everal prominent economists now reckon that inequality was a root cause of the financial crisis.” Indeed, in recent years there has been a proliferation of analyses supporting this view writes Till van Treeck in Did inequality cause the U.S. financial crisis? published on boeckler.de. The explanation is straightforward: As the benefits of rising … Continue reading
Krugman | Economics is in Crisis
Paul Krugman: To say the obvious: we’re now in the fourth year of a truly nightmarish economic crisis. I like to think that I was more prepared than most for the possibility that such a thing might happen; developments in Asia in the late 1990s badly shook my faith in the widely accepted proposition that … Continue reading
Why China Will Have an Economic Crisis
The view in most of the world is that China is indestructible. Shrugging off the crises multiplying elsewhere, China seems to surge from strength to strength, its spectacular growth marching on no matter what headwinds may come. It appears inevitable that China will overtake a U.S. mired in debt and division to become the world’s … Continue reading
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