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Unemployment after the Great Recession: Why so High? What Can We Do?/El desempleo después de la Gran Recesión: ¿Por qué tan alto? ¿Qué podemos hacer?


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    (Professor of Economics and Director, Institute for Research on Labor and Employment, UNIVERSITY OF CALIFORNIA, UNITED STATES.)

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    The surprising increase in U.S. unemployment in the Great Recession and the persistence of long-term unemployment in the economic recovery pose important questions for employment policy. Why did unemployment grow more than forecast? Is the character of long-term unemployment the result of cyclical or structural causes? I discuss eight policy changes that would reduce the ranks of the unemployed and that would improve the efficiency of the labor market. Most of these proposals do not add big-ticket items to the Federal budget; their merits are independent of the question of how large the federal deficit should be at this time. El sorprendente incremento en el desempleo de Estados Unidos durante la Gran Recesión y la persistencia del desempleo de larga duración plantean grandes interrogantes para la política de empleo. ¿Por qué el desempleo creció más que lo que se había predicho? ¿Es la larga duración del desempleo el resultado de causas cíclicas o estructurales? Se discuten ocho cambios de política que reducirían el volumen de desempleo y que mejorarían la eficiencia del mercado de trabajo. La mayor parte de estas propuestas no suponen un incremento del presupuesto federal de Estados Unidos. Las aportaciones de esas medidas son independientes del problema de cuán grande debería ser el déficit público federal.

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    Bibliographic Info

    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 30 (2012)
    Issue (Month): (Abril)
    Pages: 11-28

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    Handle: RePEc:lrk:eeaart:30_1_2

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    Postal: Beatriz Rodríguez Prado. Facultad de CC.EE. y EE. Avda. Valle del Esgueva. Valladolid 47011 SPAIN
    Phone: (34) 983 423320
    Fax: (34) 983 184568
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    Keywords: Desempleo de larga duración; prestación por desempleo; incentivos a las empresas ; Long-Term Unemployment; Unemployment Insurance; Employer Incentives.;

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    1. David Card & Phillip B. Levine, 1998. "Extended Benefits and the Duration of UI Spells: Evidence from the New Jersey Extended Benefit Program," NBER Working Papers 6714, National Bureau of Economic Research, Inc.
    2. Michael W. Elsby & Bart Hobijn & Aysegul Sahin, 2010. "The Labor Market in the Great Recession," NBER Working Papers 15979, National Bureau of Economic Research, Inc.
    3. Dube, Arindrajit & Freeman, Eric & Reich, Michael, 2010. "Employee Replacement Costs," Institute for Research on Labor and Employment, Working Paper Series, Institute of Industrial Relations, UC Berkeley qt7kc29981, Institute of Industrial Relations, UC Berkeley.
    4. Steven J. Davis & R. Jason Faberman & John Haltiwanger, 2006. "The Flow Approach to Labor Markets: New Data Sources and Micro-Macro Links," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 20(3), pages 3-26, Summer.
    5. Dean Baker, 2009. "Job Sharing: Tax Credits to Prevent Layoffs and Stimulate Employment," CEPR Reports and Issue Briefs, Center for Economic and Policy Research (CEPR) 2009-39, Center for Economic and Policy Research (CEPR).
    6. Jacob Funk Kirkegaard, 2009. "Structural and Cyclical Trends in Net Employment over US Business Cycles, 1949–2009: Implications for the Next Recovery and Beyond," Working Paper Series, Peterson Institute for International Economics WP09-5, Peterson Institute for International Economics.
    7. David Card & Phillip B. Levine, 1992. "Unemployment Insurance Taxes and the Cyclical and Seasonal Properties of Unemployment," NBER Working Papers 4030, National Bureau of Economic Research, Inc.
    8. Farber, Henry S. & Hallock, Kevin F., 2009. "The changing relationship between job loss announcements and stock prices: 1970-1999," Labour Economics, Elsevier, Elsevier, vol. 16(1), pages 1-11, January.
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    Cited by:
    1. Reich, Michael, 2012. "The Rising Strength of Management, High Unemployment and Slow Growth: Revisiting Okun’s Law," Institute for Research on Labor and Employment, Working Paper Series, Institute of Industrial Relations, UC Berkeley qt8sc8s1z1, Institute of Industrial Relations, UC Berkeley.


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