Median Duration of Unemployment
This recession looks very different, and much more troubling, than those in the recent past. I wonder how this dramatic change in the nature of unemployment will alter traditional macroeconomic relationships, such as Okun's Law and the Phillips curve. [...]
It's from the blog of a Harvard Economics professor. He goes on to suggest that long term unemployment may not exert as much downward pressure on inflation as people think.
The Great Recession is just the beginning