Is the High Unemployment Cyclical, Structural, or Both?
May 14, 2010 at 21:32 PM EDT
One of the remarkable features of the U.S. recession has been the dramatic collapse in demand. This collapse has yet to fully recover, but progress is being made as can be seen in the following figure. This figure shows the year-on-year growth rate of U.S. domestic demand: Given this modest recovery in demand one would think [...]