Guillermo Calvo - Latest

• Labor Markets, Financial Crises, and Inflation: Jobless and Wageless Recoveries*

  Staff working paper 2026-31 Guillermo Calvo, Emilio Colombi, Fabrizio Coricelli, Pablo Ottonello

  We document the macroeconomic patterns that characterize labor market recovery from financial crises. Using a sample of postwar recession episodes from around the world, we show that financial crises are typically followed by jobless recoveries, with a sluggish recovery in employment relative to output.

  Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E3, E31, E4, E44, F, F3, F32 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting