Introduction -- Shortages and strikes, 1945-1948 -- The era of "The treaty of Detroit," 1949-1950 -- No longer the arsenal of democracy, 1951-1952 -- A post-Korean War boom, 1953 -- A "painfully inconvenient" recession, 1954 -- The fifties in one year, 1955 -- "A severe and prolonged hangover,"...

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric--making unlicensed workers an illegal substitute for licensed workers but not the reverse. We test our hypothesis using a difference-in-differences event study research design...