The decline of industrial employment in advanced economies is part of a long-term structural transition. A growing service sector, with an increasing share of jobs, has become key to long-run productivity growth.

Technological progress appears to have shifted around 2001, when the median emerging economy’s growth rate accelerated and surpassed that of advanced economies.

The shift toward more volatile real house price growth, unaccompanied by a shift in the volatility of real GDP growth, offers evidence that house price dynamics and real output growth may have diverged beginning around the 2001 recession.

Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme financial stress in 2008, and the labor market has yet to...

The differences in what consumers pay for a given product in eight Texas cities increased considerably in the 2000s—Dallas being by far the most expensive city in the sample. A strong price adjustment mechanism, however, ensures that the relative price between any two Texas locations tended to...

As the world economy slowly recovers from the Great Recession and global trade flows remain weak, net trade contributions to domestic growth become more critical.

The pattern of adjustment of euroarea countries’ external competitiveness to dollar and risk aversion shocks has become more similar since the euro’s creation.