Are the Long-Term Unemployed Different?

A recent paper poses that the long-term unemployed are “on the margins of the labor force,” which is to say, that the long-term unemployed do not affect the labor market in the macro sense, because they are different. But how “marginal” are the long-term unemployed? A new blog post in our St. Louis Fed On the Economy blog explores this and other questions surrounding the impact of the long-term unemployed on the labor market.

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From the President

April 7, 2014

"Two Views of International Monetary Policy Coordination"

St. Louis Fed President James Bullard discussed a traditional view and an alternative view of monetary policy coordination at the 27th Asia/Pacific Business Outlook Conference. While he noted that there is room for debate, Bullard endorsed the traditional view, in which policymakers follow good policy focused on domestic variables and the gains from international monetary policy coordination are small.

News Release | Presentation (PDF)

April 2014

"The Rise and Fall of Labor Force Participation in the U.S."

In The Regional Economist, St. Louis Fed President James Bullard shared his perspectives on U.S. labor force participation. He concluded that demographically based empirical models of the trend in the labor force participation rate do a good job of explaining the data. To the extent these models are correct, Bullard said the unemployment rate remains as good an indicator of overall labor market health as it has been historically.

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