The article discusses a study by the Federal Reserve Bank of New York, which claims that the decline in workforce participation is a long-term trend unrelated to the recession. It suggests that the unemployment rate's rapid fall is an accurate measure of a labor market nearing recovery. However, this analysis is contested by other economists, including William Dudley of the New York Fed, who attribute the decline to the recession. The article also references a Congressional Budget Office study with differing conclusions.
documents/EFTA01103795.pdf
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