The Great Recession has renewed interest in unemployment insurance (UI) programs
around the world. At the same time, there have been important advances in both theory and …

This chapter examines the labor supply effects of social insurance programs. We argue that
this topic deserves separate treatment from the rest of the labor supply literature because …

Using panel data from the China Household Finance Survey (CHFS) in 2013, 2015, and
2017 and the digital inclusive finance index developed by Peking University, this study …

This paper demonstrates that neutral real interest rates would have declined by far more
than what has been observed in the industrial world and would in all likelihood be …

Why did banks experience massive deposit inflows during the pandemic? We discover that
deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell …

We argue that the economy of the industrialized world taken as a whole is currently–and for
the foreseeable future will remain–highly prone to secular stagnation. But for extraordinary …

W HY DO PEOPLE save? J. Maynard Keynes (1936) lists eight motives which we reproduce
here with one addi-tion: 1 1." To build up a reserve against unforeseen contingencies"(the …

This paper examines the link between income and consumption inequality. We create panel
data on consumption for the Panel Study of Income Dynamics using an imputation …

Previous research on unemployment insurance (UI) has focused on the costs of the
program, in terms of the distorting effects of generous UI benefits on worker and firm …

Recently, a number of authors have argued that the standard search model cannot generate
the observed business-cycle-frequency fluctuations in unemployment and job vacancies …