Is healthcare employment recession proof? We examine the hypothesis that healthcare employment is stable across the business cycle. We explicitly distinguish between negative aggregate demand and supply shocks in studying how healthcare employment responds to recessions, and show that this...

Conventional wisdom often holds that the healthcare sector fares better than other sectors during economic downturns. However, little research has examined the relationship between local economic conditions and healthcare employment. Understanding how the healthcare sector responds to economic...

The economic recovery in the euro area lost momentum in 2004. After a strong increase during the first half, real GDP rose at an annual rate of less than 1 percent in the following two quarters. Overall capacity utilization, which had increased in the first half of 2004 for the first time in...