Labor Force Participation and Monetary Policy in the Wake of the Great Recession
发现2007年后美国劳动力参与率下降主要源于周期性因素，并构建新凯恩斯模型说明大冲击下劳动力参与率会显著下降，这对零利率下限时的货币政策设计有重要启示。
This paper provides compelling evidence that cyclical factors account for the bulk of the post‐2007 decline in the U.S. labor force participation rate (LFPR). We then formulate a stylized New Keynesian model in which the LFPR is practically acyclical during “normal times” but drops markedly following a large and persistent aggregate demand shock. These considerations have potentially crucial implications for the design of monetary policy, especially when interest rate adjustments are constrained by the zero lower bound; specifically, monetary policy can induce a more rapid recovery of the LFPR by allowing the unemployment rate to fall below its natural rate.