Works
- Hysteresis and the European Unemployment Problem, NBER Macroeconomics Annual 1 (with Lawrence H. Summers), 1986
In Thinking Tools
Known for
A French macroeconomist at MIT and former chief economist of the International Monetary Fund. With Lawrence Summers he set out the hysteresis hypothesis: that temporary shocks can permanently raise unemployment, through insider wage setting and the loss of skills during long spells out of work.