00000cam 2200000zi 4500 9.966167 CaOODSP 20260923154553 m o d f cr |n||||||||| 260923e20260918oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2026-31E-PDF Calvo, Guillermo A., author. Labor markets, financial crises, and inflation : jobless and wageless recoveries / Guillermo Calvo, Emilio Colombi, Fabrizio Coricelli, Pablo Ottonello. [Ottawa] : Bank of Canada = Banque du Canada, September 18, 2026. ©2026 1 online resource (43 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2026-31 ISSN assigned to different series. Includes bibliographical references. "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. A departure from this empirical regularity occurs in emerging-market crises with high inflation, which feature strong employment recoveries but persistent declines in real wages and result in “wageless recoveries.” Our findings highlight the central role of financial components in labor input costs and nominal wage rigidities in shaping labor market dynamics following economic crises"--Abstract, page 1. Financial crises. Unemployment. Inflation (Finance) Crises financières. Chômage. Inflation. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2026-31. (CaOODSP)9.806221 PDF 1.05 MB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2026-31-eng.pdf