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Federal Reserve Bank of Richmond
Richmond Fed Economic Brief
Potential causes and implications of the rise in long-term unemployment
Andreas Hornstein
Thomas A. Lubik
Jessica Sackett Romero
Abstract

Long-term unemployment rose dramatically during the recent recession and remains elevated. A primary cause may be the fact that more workers with inherently low job finding rates have become unemployed. This would suggest that the natural rate of unemployment has increased, and that additional monetary stimulus may have only a limited effect on reducing unemployment.


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Andreas Hornstein & Thomas A. Lubik & Jessica Sackett Romero, "Potential causes and implications of the rise in long-term unemployment" , Federal Reserve Bank of Richmond, Richmond Fed Economic Brief, issue Sep, 2011.
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Keywords: Labor market ; Unemployment ; Recessions ; Monetary policy
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