How Much Do We Understand about the Modern Recession?
回顾了1990-91年和2001年两次现代衰退的事实，并与早期衰退比较，发现就业下降幅度不亚于过去，但驱动因素不明，经济学家对此理解尚浅。
MODERN RECESSIONS HIT THE U.S. economy in 1990-91 and in 2001. A modern recession is one occurring in an economy with well-executed monetary policy and a small fraction of the labor force on the factory floor. I review the facts about modern recessions and compare them with earlier recessions, with primary emphasis on the labor market. The facts are perplexing: employment falls in modern recessions at least as far as in past recessions, without identifiable driving forces. Economists' understanding of the modern causeless recession is at an early stage, but progress has occurred and the future of this area of research seems promising.