Major Long-Term Change In The Labor Market Is Bad News For The US Economy

The US just isn’t as dynamic as it used to be, and we need to start thinking hard about how that affects the economy.
That’s the conclusion from Steven Davis and John Haltiwanger, two National Bureau of Economic Research economists (Davis is at U Chicago and Haltiwanger at the University of Maryland). The two presented at the Fed’s Jackson Hole conference over the summer and an updated version of the paper was published at the end of October.

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