Hornstein, Andreas; Krusell, Per; Violante, Giovanni L. - 2005
, Rogerson (2004) has argued that if one focuses on employment rate differences be-
tween the United States and Europe rather … than on unemployment rate differences, a new set of
insights emerges from the data. Employment rates in the United States … start to increase relative
to European employment rates twenty years before the divergence in unemployment rates. More-
over …