) in a normal recession and recovery real GDP per capita falls by 1.5 percent and takes only 2 years to regain its previous … peak, but in a financial crisis recession the drop is typically 5 percent and it takes over 5 years to regain the previous …

search with observed U.S. time series measures on employment, vacancies, and aggregate output to uncover the cyclical … employment changes, our procedure also implies measured time series of the flows into and out of employment. We find that labor … cyclical patterns lead to procyclical implied gross employment flows, thereby concentrating labor force reallocation during …