The Global Leadership Series with Professor Erik Hurst
May 24, 2011: 6:30 PM - 9:00 PM
The Chicago Booth Global Leadership Series brings renowned University of Chicago Booth School of Business faculty and extraordinary business leaders to cities around the world, offering an unparalleled view of the world economy and current business trends and innovative ideas to help your business succeed.
The Boston Harbor Hotel
70 Rowes Wharf
$25 includes two drink tickets and light appetizers
Erik Hurst (Speaker)
Erik Hurst, V. Duane Rath Professor of Economics and Neubauer Family Faculty Fellow, Chicago Booth
Associate Director, Alumni Affairs East Coast
Housing, Unemployment and Regional Variation in the Great Recession
Between early 2008 and late 2010, the unemployment rate in the United States increased by over 5 percentage points. Despite the fact that the economy has posted increasing production for the last 18 months, the unemployment rate has only started to come down. Some prominent academics and many policy makers have been calling for increased government spending to help expedite the decline in the unemployment rate.
Chicago Booth economist Erik Hurst will discuss employment and unemployment dynamics during the past decade to shed light on the potential causes of the recent unemployment run-up as well as potential policy options that should or should not be expected to stimulate changes in the unemployment rate. Drawing on recent research, Professor Hurst will highlight the strong local nature of unemployment dynamics during the last decade. For example, states like Nevada experienced 20 percent employment growth during the 2000-2006 period and then experienced an increase in unemployment from 4 to 14 percent during the 2008-2010 period. Conversely, states in the mid-section of the United States had unemployment rates that top out at only 7 percent during the last year. After presenting some of his new research on recent unemployment dynamics, Professor Hurst will take questions from the audience about the current macroeconomic environment.