Perri, Fabrizio; Heathcote, Jonathan - Society for Economic Dynamics - SED - 2011
. The labor market in the model is decentralized, and equilibrium wages do not necessarily clear the labor market. High … Great Recession: a fall in asset values left the economy vulnerable to a sharp decline in confidence, which sharply reduced … volatility over the past 50 years in the United States. The early 1960s and the Great Moderation of the 1980s and 1990s were …