What is the new normal unemployment rate?
AbstractRecent labor markets developments, including mismatches in the skills of workers and jobs, extended unemployment benefits, and very high rates of long-term joblessness, may be impeding the return to "normal" unemployment rates of around 5%. An examination of alternative measures of labor market conditions suggests that the "normal" unemployment rate may have risen as much as 1.7 percentage points to about 6.7%, although much of this increase is likely to prove temporary. Even with such an increase, sizable labor market slack is expected to persist for years.
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Bibliographic InfoArticle provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.
Volume (Year): (2011)
Issue (Month): Feb 14 ()
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- John C. Williams, 2011. "Will the financial crisis have a lasting effect on unemployment?," Speech 83, Federal Reserve Bank of San Francisco.
- Ryan W Herzog, 2013. "An Analysis of Okun's Law, the Natural Rate, and Voting Preferences for the 50 States," Economics Bulletin, AccessEcon, vol. 33(4), pages 2504-2517.
- John Schmitt, 2011. "Labor Market Policy in the Great Recession: Some Lessons from Denmark and Germany," CEPR Reports and Issue Briefs 2011-12, Center for Economic and Policy Research (CEPR).
- repec:fip:fedfsp:y:2011:i:feb22 is not listed on IDEAS
- Athanasios Orphanides, 2012. "Commentary: the United States labor market: status quio pr a new normal?," Proceedings, Federal Reserve Bank of Kansas City, pages 453-462.
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