Bleakley, Hoyt; Ferris, Ann E.; Fuhrer, Jeffrey C. - In: New England Economic Review (1999) Jul, pp. 49-76
The most obvious economic cost of recessions is that workers become involuntarily unemployed. During the average business cycle contraction, total employment declines by about 1.5 percent, the unemployment rate rises by 2.7 percentage points, and it takes almost two years before employment...