Antonio Fatás, 27 October 2021

In 2019, the US economy had reached levels of employment that ensured that the gains of the economic expansion were shared across many segments of the labour market. Unfortunately, the benefits of this high-pressure economy were short-lived thanks to the recession that started in March 2020. This column argues that this pattern fits all previous US cycles. Expansions end too early to allow for long periods of stable and low unemployment. 


CEPR Policy Research