The Human Cost of Recessions: Assessing It, Reducing It

November 11, 2010

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Format: Chicago

Mai Dao, and Prakash Loungani. The Human Cost of Recessions: Assessing It, Reducing It, (USA: International Monetary Fund, 2010) accessed November 8, 2024

Summary

Recessions leave scars on the labor market. Over 200 million people across the globe are estimated to be unemployed at present resulting from the Great Recession of 2007–09. We assess the human cost of increased unemployment by surveying what is known about the effects of past recessions. If past is prologue, the cost to the unemployed (and society) could be high. The focus of this paper is on advanced economies. To their credit, most countries mounted strong policy responses to minimize the human costs, and the policy actions were notable also for their consistency and coherence across countries.

Subject: Labor, Labor markets, Unemployment, Unemployment rate, Wages

Keywords: Aggregate demand, Benefits provision, Demand shock, Europe, Global, Headline inflation, Job loser, Labor markets, North America, SPN, UI benefit, Unemployment, Unemployment insurance, Unemployment rate, Wages, Work program

Publication Details

Pages:

27
Volume:

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DOI:

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Issue:

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Series:

Staff Position Note No. 2010/017
Stock No:

SPNEA2010017
ISBN:

9781462308163
ISSN:

2617-6742

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