Slow Recoveries: A Structural Interpretation
An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and employment. This leads us to characterize the last three episodes as slow recoveries, as opposed to jobless recoveries. We use the estimated New Keynesian model in Galí-Smets-Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.
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Copy CitationJordi Galí, Frank Smets, and Rafael Wouters, "Slow Recoveries: A Structural Interpretation," NBER Working Paper 18085 (2012), https://doi.org/10.3386/w18085.Download Citation
Published Versions
Jordi Galà & Frank Smets & Rafael Wouters, 2012. "Slow Recoveries: A Structural Interpretation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 9-30, December. citation courtesy of 
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