In this paper we demonstrate that because of stagnating wages and rising job insecurity, there has been a change in the labor supply regime in the U.S. macroeconomy since the 1970s. There is now greater labor supply at any given officially measured unemployment rate. This induced growth in the...

This paper is organized in three parts. First, we present the logic and original evidence for Phillip's Curve and NAIRU. We show that the sources of increased labor supply during the past two expansions have shifted significantly compared with the experience of the 1970's business cycle. The...

Inner city labor markets have been described as "jobless ghettos" where deindustrialization has left an underclass with no more than a tenuous attachment to the mainstream economy. This article investigates whether the same phenomenon exists in a booming, diverse market. The results suggest that...