The Great Recession: Part One

In the first installment of Economics In Person, Mary C. Daly discusses the legacy of the Great Recession and the daunting problem that policy makers face in helping to foster economic recovery: persistent unemployment and extensive job losses.

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This video is also available on our YouTube channel.

Viewing Guide

  1. How many jobs were lost from the peak of employment in 2008 to the bottom of employment in mid-2009?
    0:00 - 0:17
  2. Mary describes job losses during the Great Recession as "broad-based." What does this mean?
    0:18 - 1:53
  3. In the skill distribution discussion, which groups experienced unemployment double during the Great Recession? What is it about college-educated workers that Mary characterizes as historic?
    1:54 - 2:11
  4. How many weeks of not working does it take to be counted as "long-term unemployed"? How many months?
    2:12 - 3:57
  5. Name the four labor market factors that distinguish the Great Recession?
  6. Of the four distinguishing characteristics that Mary describes in the video, which one do you think is the biggest challenge facing policymakers and why?

About the Speaker

Mary C. Daly is Senior Vice President and Associate Director of Research at the Federal Reserve Bank of San Francisco. Her areas of research focus include labor economics, public economics, and social welfare. See her research page.

You May Be Interested In

Elsby, Michael, Bart Hobijn, Aysegul Sahin, and Robert Valletta. "The Labor Market in the Great Recession: An Update." FRBSF Working Paper 2011-29 (2011).

Lansing, Kevin. 2011. "Gauging the Impact of the Great Recession." FRBSF Economic Letter (July 11, 2011).

Valletta, Robert and Katherine Kuang. "Why is Unemployment Duration So Long?" FRBSF Economic Letter. (January 30, 2012).