Coibion, Olivier; Gorodnichenko, Yuriy; Koustas, Dmitri - 2013
The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving … unemployment persistence. Therefore, we turn to a third class of explanations: propagation mechanisms. We focus on factors …