Jonathon Lecznar, Jessie Romero and Pierre-Daniel G. Sarte
The rapid fall in unemployment after the Great Depression suggests that there is nothing inherently persistent in a high unemployment rate. But a closer examination of the data indicates that changes in the unemployment rate might not have been as pronounced as generally believed.
Our Research Focus: Labor Markets
Romer, Christina, "Spurious Volatility in Historical Unemployment Data," Journal of Political Economy, February 1986, vol. 94, no. 1, pp. 1–37. (A working paper version is available online.)