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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
An Analysis of the Behavior of Alternative Employment Indicators:
Was the Great Recession Different?
Author(s): Bill Seyfried
Citation: Bill Seyfried, (2012) "An Analysis of the Behavior of Alternative Employment Indicators: Was the Great Recession Different?," Vol. 13, Iss. 2, pp. 146 - 155
Article Type: Research paper
Publisher: North American Business Press
Abstract:
From 2007-2009, the United States experienced its worst economic downturn since the Great Depression. Though economic growth experienced a significant decline, the labor market was particularly hard hit. Some economists expressed surprise as to the severity of job losses. Unlike traditional models, this study develops a model that estimates the responsiveness of the labor market to economic growth as well as a risk premium to account for the impact of the availability of credit on the labor market. Alternative employment indicators as well as economic growth are considered. Empirical findings indicate that the behavior of employment during the Great Recession fit the historical experience based on the model developed.
