Daly, Mary C.; Hobijn, Bart; Valletta, Robert G. - 2011
rate of unemployment, implying that conventional monetary and fiscal policy should not be used in an attempt to return … unemployment to its pre-recession levels. We investigate the hypothesis that the natural rate of unemployment has increased since … suggests that the natural rate of unemployment has in fact risen over the past several years, by an amount ranging from 0.6 to …