Unemployment recoveries in the US have been inexorable. Between 1948 and 2019, the annual reduction in the unemployment … irresistible force toward restoring full employment. In the aftermath of a recession, unless another crisis intervenes …, unemployment continues to glide down. Occasionally, unemployment rises rapidly during an economic crisis, while most of the time …

understanding that their jobs still exist and that they will be recalled. We show that the resulting temporary-layoff unemployment … mostly dissipated by the end of 2020. Potential workers without jobs constitute what we call jobless unemployment. Shocks … that elevate jobless unemployment have much more persistent effects. Historical major adverse shocks, such as the financial …

In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a … for other forces for cyclical labor demand to explain employment fluctuations. …

We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low - often extremely low - response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …