Works
- Hysteresis and the European Unemployment Problem, NBER Macroeconomics Annual 1, with Olivier J. Blanchard, 1986
In Thinking Tools
Known for
An economist, later US Treasury Secretary and president of Harvard, who with Olivier Blanchard argued that unemployment can show hysteresis: after a downturn it stays high because those still employed bargain wages up instead of making room for those out of work.