Teen motherhood continues to be high in the US and the UK relative to most other western European countries. While recent research has clarified how effective policies to reduce teen motherhood might be (Kearney (2009)), there remains little evidence that quantifies the causal effects of teen...

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first discuss data, documenting a strong positive relation between the variables at low frequencies. We then develop a framework where both money and unemployment are modeled using...