Posted by: Michael Mandel on May 25
A reader suggested that, to be fair, I show DeLong’s chart of unemployment duration, which is adjusted for the business cycle. That is, he estimates what the duration of unemployment would be if the unemployment rate was 6%. Here is his chart.
Antler is arguing that the duration of unemployment has gone down, or at least not gone up. DeLong is firing back, saying that he would have expected the duration of unemployment to have fallen more, considering that the unemployment rate is a lot lower than it was in the early 1980s.
Comments? Which one do you believe?
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