@Alon @SteveRoth @jamisonnbishop @ryanlcooper since that early 1990s recession, the stylized fact is “jobless recoveries”. fast GDP growth not matched by employment growth. growth itself does not imply productivity. the question is what labor “produces” (it’s really just a ratio) that growth. 1/

@Alon @SteveRoth @jamisonnbishop @ryanlcooper at the end of a recession is when labor markets are loosest. you might argue then that this is exactly when you’d expect growth to be a function of recruiting labor. but that’s not what happens. “productivity” happens. growth picks uo much faster than labor. /fin