Jobless Recoveries During Financial Crises: Is Inflation the Way Out?
NBER Working Paper No. 19683
---- Acknowledgements ----
We are grateful to Stijn Claessens, the participants of XVI Conference of the Central Bank of Chile, LACEA-LAMES 2012 Annual Meetings, IMF Jobs and Growth Seminar, and 2013 CEPR European Summer Symposium in International Macroeconomics (ESSIM), held in Izmir, Turkey. for valuable comments. Forthcoming in Macroeconomic and Financial Stability: Challenges for Monetary Policy, edited by Sofia Bauducco, Lawrence Christiano and Claudio Raddatz. Santiago, Chile. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Guillermo Calvo ----
Although I see no conflict of interest involved here, I would like to disclose that the paper was commissioned by the Central Bank of Chile for their annual academic conference, and that it will come out shortly in a volume published by the central bank.