In the context of a standard equilibrium matching framework, this paper considers how a duration dependent unemployment insurance (UI) system affects the dynamics of unemployment and wages in an economy subject to stochastic job-destruction shocks. It establishes that re-entitlement e¤ects induced by a …nite duration UI program generate intertemporal transfers from …rms that hire in future boom...

Economics played little role in the decision to create the euro – politics was king. Going forward, however, economics moves to centre stage. Should the Eurozone worry about admitting new members who are very economically different from incumbents? What are the costs and benefits of euro-adoption for potential joiners? Are the famous Maastricht Criteria the right economic tests for potential me...

(a) in the short term, Africa should use its increased income from ‘booms’ in ‘traditional’ exports (eg, commodities and minerals) to invest in basic needs and infrastructure, and enhance its industrial and technological capacity. This can safeguard Africa from fluctuations in prices and demand in the world market for ‘traditional’ exports, while helping to build its economic capacity and take ...

Analysts have likened the growing direct state role in Kazakhstan’s petroleum sector since 2002 to a form of ―resource nationalism‖ that is part of a global trend precipitated by high oil prices. This interpretation has obvious appeal, both in light of earlier periods in which waves of nationalization coincided with oil price booms and the recent socalled ―re-nationalizations‖ in Bolivia, Venez...