Economists challenge standard notion of labour market recovery
Paper on post-crisis recoveries questions demand shortfall narrative
The forces at play as the labour market recovers from an unemployment shock may be more complex than typically thought, new research finds.
A National Bureau of Economic Research working paper by Robert Hall and Marianna Kudlyak studies the surprising resilience of the US labour market. The authors note that after a crisis unemployment tends to fall linearly by about 0.55 percentage points a year, with no sign of a slowdown as it approaches the minimum point.
Earlier research has tended to
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