Hysteresis: Some Fairly-Recent Must- and Should-Reads

The empirical studies are finding more and more hysteresis���more hysteresis in the sense of a persistent downward shadow cast by a recession than I would have believed likely. I keep hunting for something wrong with these studies. But there are too many of them. And they all���at least all those published that cross my desk���point in the same direction: Karl Walentin and Andreas Westermark: Stabilising the real economy increases average output: "DeLong and Summers (1989)... argue that (demand) stabilisation policies can affect the mean level of output and unemployment...

As Chief Acolyte of the "hysteresis view", I must protest! The "hysteresis view" has proved correct: Beno��t C��ur��: Scars that never were?: Potential output and slack after the crisis: "To be clear... I do believe that deep recessions can have effects on the supply capacity of the economy that may take some time to unwind...

We are not yet at maximum feasible employment: Jared Bernstein: Employment Breakeven Levels: They���re higher than most of us thought: "We know neither the natural rate of unemployment nor the potential level of GDP...

Nick Bunker: JOLTS Day Graphs: February 2018 Report Edition: "The quits rate continues to hold steady at 2.2 percent. The rate has been 2.2 percent on average for the past 3 months as well as the past year..

Nick Bunker: "What does this tell us?: ".@de1ong asked so here it is: the Beveridge Curve with the prime employment rate instead of U3...

Josh Bivens: The fuzzy line between ���unemployed��� and ���not in the labor force��� and what it means for job creation strategies and the Federal Reserve: "Jobless people are classified into... either unemployed or not in the labor force...

Nick Bunker: JOLTS and the Beveridge Curve

Valerie Cerra and Sweta C. Saxena: The Economic Scars of Crises and Recessions: "According to the traditional business cycle view... our new��study casts doubt on this traditional view and shows that all types of recessions...

Simon Wren-Lewis: mainly macro: The Output Gap is no longer a sufficient statistic for inflationary pressure: "From 1955 to 2007 prosperity grew at an average rate of almost two and a quarter percent each year...

Nick Bunker: Just how tight is the U.S. labor market?: "Spoiler: There���s room for the job market to improve...

Katharine G. Abraham and Melissa S. Kearney: Explaining the Decline in the U.S. Employment-to-Population Ratio: A Review of the Evidence: "Within-age-group declines in employment among young and prime age adults have been at least as important...

Nick Bunker: Weekend reading: ���A jolt in the markets��� edition: "This week marks the 25th anniversary of President Bill Clinton���s signing the Family and Medical Leave Act into law...

Danny Yagan: EMPLOYMENT HYSTERESIS FROM THE GREAT RECESSION: "This paper uses U.S. local areas as a laboratory to test whether the Great Recession depressed 2015 employment...