Modeling a Jobless Recovery
The initial expansionary phase of the business cycle appears to be characterized by what commentators have labelled a puzzling "jobless recovery" phase i.e., rapid growth in productivity (and output) with relatively sluggish expansion in employment. We demonstrate that a jobless recovery is a natural byproduct of an economy where:  technological advancements favor some sectors relatively more than other sectors;  technology diffuses slowly; and  the sectoral reallocation of labor takes time.
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