Fig. 4

Parallel trends in employment rates. Panel a: Employment rate trends for both groups. Panel b: Employment rate trend for the control group. Panel c: Employment rate trend for the treatment group. Observed employment rates for treatment and control groups before and after the 2008 financial crisis. Group1 (treatment) consists of the countries with real GDP growth rates in 2008 and 2009 in the bottom 50%, and Group 0 (control) represents all others