*In a recent ranking of U.S. economics departments (Journal of Economic Perspectives, Winter 1998), UAlbany placed twenty fourth among public universities
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The cornerstone of the stimulus had to be reducing US dependence on oil because as long as the US economy is so dependent on oil, full fledged growth is
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Since the onset of the recession in 2008, there has been a sharp divergence in the performance of labour markets across the G7 economies. Although one may expect that these cross-country variations in labour market performance would be related to differences in the depth of the recent recession, this is not the case. Econometric evidence suggests that the relationship between unemployment and output varies considerably between the G7 economies and through time. Our results confirm that the performance of labour markets during the recent recession has been unusual, particularly for the US and Germany. This article examines the reasons underlying these differential labour market developments and compares prospects for a cyclical recovery in employment.
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