skills mismatch and the Great Recession -- Margaritaville NFL Forum

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Date Posted: 11:07:33 03/30/14 Sun
Author: Kansas City Fed abstract
Author Host/IP: 108.41.248.213
Subject: skills mismatch and the Great Recession

The recession of 2007-09 witnessed high rates of unemployment that have been slow to
recede. This has led many to conclude that structural changes have occurred in the labor market
and that the economy will not return to the low rates of unemployment that prevailed in the
recent past. Is this true? The question is important because central banks may be able to reduce
unemployment that is cyclic in nature, but not that which is structural. An analysis of labor
market data suggests that there are no structural changes that can explain movements in
unemployment rates over recent years. Neither industrial nor demographic shifts nor a mismatch
of skills with job vacancies is behind the increased rates of unemployment. Although mismatch
increased during the recession, it retreated at the same rate. The patterns observed are consistent
with unemployment being caused by cyclic phenomena that are more pronounced during the
current recession than in prior recessions.

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Re: skills mismatch and the Great Recession -- Source, 11:09:33 03/30/14 Sun