Slow Recoveries: A Structural Interpretation
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Prepared for the JMCB-SNB-UniBern Conference, held in Gerzensee on October 20-21, 2011. We thank the editor, two anonymous referees, our discussant Andy Levin, participants at the JMCB-SNB-UniBern Conference and CREI-CEPR Workshop on Jobless Recoveries, as well as seminars at CREI-UPF and UB for useful comments. The views expressed here do not necessarily represent those of the European Central Bank or the National Bank of Belgium. Alain Schlaepfer provided excellent research assistance. Galí acknowledges financial support from Ministerio de Ciencia e Innovación (ECO2011-23188). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.