Since the onset of the Great Recession, the U.S. labor market has been reeling. Public concern has largely focused on the unemployment rate, which rose to double digits and has since been stalled at just over 9 percent. This rate is unacceptably high, and macroeconomic policy efforts have been unsuccessful in bringing it down. The overall…

In this paper, the authors first discuss the Neumark and Troske piece, and then compare the U.S. context to that in Europe and Korea, as described by the Caspar, Hartwig, and Moench and the Cho and Shin contributions. Although they are in basic agreement with Neumark and Troske on the extent and depth of the current employment situation, they…