abstract: 'The increase in income inequality and household debt of middle- and

  lower-income households in the USA over several decades led to

  increasingly fragile financial institutions and set the stage for the

  most serious recession in the last 60 years. The proximate cause of the

  economic crisis was the collapse of the housing bubble that caused both

  the recession that began at the end of 2007 and the financial crisis

  that erupted in 2008. The drop in GDP in the USA, while steep, was not

  more severe than in most of the other OECD countries and the

  macroeconomic policy response was better. Yet the increase in the US

  unemployment rate was among the steepest. This article examines this

  failure of US labour market institutions to respond to these policy

  initiatives and the implications of the analysis for economic policy.'
affiliation: 'Appelbaum, E (Corresponding Author), Ctr Econ \& Policy Res, 1611 Connecticut
  Ave NW,Suite 400, Washington, DC 20009 USA.

  Ctr Econ \& Policy Res, Washington, DC 20009 USA.'
author: Appelbaum, Eileen
author-email: appelbaum@cepr.net
author_list:
- family: Appelbaum
  given: Eileen
da: '2023-09-28'
doi: 10.1177/0950017011419711
eissn: 1469-8722
files: []
issn: 0950-0170
journal: WORK EMPLOYMENT AND SOCIETY
keywords: economic policy; inequality; recession; unemployment
keywords-plus: WAGE INEQUALITY; UNITED-STATES; UNEMPLOYMENT; OECD
language: English
month: DEC
number: '4'
number-of-cited-references: '55'
pages: 596-610
papis_id: 8281616543003609b1acaa459a34c820
ref: Appelbaum2011macroeconomicpolicy
times-cited: '11'
title: Macroeconomic policy, labour market institutions and employment outcomes
type: Article
unique-id: WOS:000298655200002
usage-count-last-180-days: '0'
usage-count-since-2013: '24'
volume: '25'
web-of-science-categories: Economics; Industrial Relations \& Labor; Sociology
year: '2011'