Swapan-Kumar Pradhan, Eswar Prasad, Előd Takáts, and Judit TemesvaryWe investigate how the U.S. dollar’s prominence in the denomination of international debt securities has evolved in recent decades, using a comprehensive global dataset with far more extensive coverage than datasets used in prior literature. We find no monotonic dollarization or de-dollarization trend; instead, the dollar’s share exhibits a wavelike pattern. We document three dollarization waves since the 1960s.

The Trump administration looked to recast elements of a dour jobs report Tuesday as a sign of strength.

Hie Joo Ahn and Yunjong EoThis paper empirically investigates the sources of hysteresis, emphasizing the role of downward nominal wage rigidity using U.S. state-level payroll employment growth. U.S. states exhibit heterogeneous recoveries, with L-shaped and U-shaped recessions corresponding to persistent hysteresis and full recovery. L-shaped recessions are importantly driven by demand shocks and reinforced by downward nominal wage rigidity, which prolongs employment losses by raising real wages and deepening downturns.

PeopleImages/ShutterstockLoneliness is the pain we feel when our social connections fall short of fulfilling our needs.