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Program Directors

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Mark Gertler is the Henry and Lucy Moses Professor of Economics at New York University. His research ranges widely within macroeconomics, touching on business cycles, monetary economics, and the links between the financial and real sectors of the economy. He has been an NBER affiliate since 1986.

Peter Klenow Profile.jpg

Pete Klenow is the Ralph Landau Professor in Economic Policy at Stanford University, and the Gordon Moore Senior Fellow at the Stanford Institute for Economic Policy Research. His research interests center on macroeconomics and productivity analysis. He has been an NBER affiliate since 1997.

Featured Program Content

The Tight US Labor Market: Missing Hours, Missing Workers working paper 30833 figure
  • Article
A defining feature of the US economy since 2021 has been the unusual tightness of the labor market. The unemployment rate, currently 3.5 percent, not...
The graph is a line chart titled "Temporary-Layoff Unemployment, 1979–2019." The y-axis ranges from 0 to 3 percent, and the x-axis spans the years 1979 to 2019. NBER-dated recessions are also markedThe chart plots the temporary-layoff unemployment rate and the temporary-layoff rate inclusive of unemployment from temporary layoffs that became permanent (the series are quarterly averages). Each rate increases during recessions.  Both rates peaked during the 1981–82 recession, with temporary-layoff unemploymen
  • Article
In the US labor market, about one-third of all unemployment spells begin with temporary layoffs. Some workers who are placed on temporary layoff, however...
Working Paper Figure w30041
  • Article
From December 2019 to November 2021, US house prices grew by 23.8 percent, the fastest rate on record. At the same time, the COVID-19 pandemic reshaped...
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