Wednesday, November 19, 2014

Recession Stories

Definition of recession is when your neighbour loses a job / depression starts when you lose a job ...

The model also predicts that recessions accelerate the decline in routine occupations—firms prefer to destroy routine jobs during a downturn, when the opportunity cost of restructuring is low. This acceleration can account for recent cyclical changes of the labor market: routine job losses are concentrated in recessions and the ensuing recoveries are jobless.