Here is an update of Figure 7 from my NBER working paper.
Of particular interest is the fact that the labor market distortion shows no signs of getting better in Q3. Until that happens, employment could continue down while real GDP rises.
Of particular interest is the fact that the labor market distortion shows no signs of getting better in Q3. Until that happens, employment could continue down while real GDP rises.
1 comment:
Scott Sumner is badmouthing Chicago through you, which is a bit odd since he's a Chicago-educated neo-monetarist. It might be a nice break from criticizing Krugman to go after Sumner.
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