Elsby, Michael W.L.; Hobijn, Bart; Sahin, Aysegül; … - Federal Reserve Bank of San Francisco - 2011
Since the end of the Great Recession in mid-2009, the unemployment rate has recovered slowly, falling by only one … percentage point from its peak. We find that the lackluster labor market recovery can be traced in large part to weakness in … aggregate demand; only a small part seems attributable to increases in labor market frictions. This continued labor market …