It’s the bias against stale labor, not the sticky nominal wages

At this point, at least.  Read this bit from Chris Blattman.  Apparently, most of the staleness sets in within eight months.  Note, by the way, that this explanation simultaneously can account for a) unemployment not being very nice for the unemployed, and b) inability to use lower wage demands to get a job, even with ngdp ten percent above its pre-crisis peak.


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