hysteresis with regard to aggregate demand shocks, and thus retains a memory of the shocks associated with recessions. …This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in … the case of recessions. A model is proposed to explain this phenomenon, based on an analogy with water flows inporous …

hysteresis with regard to aggregate demand shocks, and thus retains a memory of the shocks associated with recessions. …This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in … the case of recessions. A model is proposed to explain this phenomenon, based on an analogy with water flows in porous …

hysteresis with regard to aggregate demand shocks, and thus retains a memory of the shocks associated with recessions. …This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in … the case of recessions. A model is proposed to explain this phenomenon, based on an analogy with water flows in porous …

, recessions generate long-lasting hysteresis: persistent decreases in the employment-to-population ratio and earnings per capita …. Changes in the composition of workers explain less than half of local hysteresis. We further show that finite sample bias in … hysteresis in employment rates. …

, recessions generate long-lasting hysteresis: persistent decreases in the employment-to-population ratio and earnings per capita …. Changes in the composition of workers explain less than half of local hysteresis. We further show that finite sample bias in … hysteresis in employment rates. …