Slow Recoveries: A Structural Interpretation
分析了二战后美国经济周期低谷后GDP和就业等变量的表现，发现最近三次复苏明显更慢，但GDP与就业的关系未显著变化。利用新凯恩斯模型对90年代初以来复苏变慢提供结构性解释。
An analysis of the performance of GDP, employment, and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and employment. This leads us to characterize the last three episodes as slow recoveries, as opposed to jobless recoveries. We use the estimated New Keynesian model in Galí, Smets, and Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.