You Know There Is Structural Unemployment When the Unemployment Rate Is High and Yet Inflation Is Not Falling...

As Matthew Yglesias points out, there is no sign that we are there yet:

Matthew Yglesias » How To Tell When There’s Structural Unemployment: I feel like the entire Minneapolis Fed take on structural unemployment and “skill mismatch” is a giant exercise in obfuscation... there’s a very simple way to tell when additional monetary stimulus will no longer increase real output and that’s by looking at inflation.... If a bunch of counterfeiters show up in a country where there’s full...