The loss of young people’s labour input, in particular, will have long-lasting consequences. Restructuring is a factor behind the perhaps strikingly large and persistent employment consequences of deep recessions Implies mismatches evidenced by outward shifts of Beveridge curves As Reinhart and Rogoff (2009) point out, restructuring during deep recessions is a factor behind the large and persistent employment consequences of deep recessions.
The need for relocating unemployed workers to different sectors of the economy implies mismatches on the labour market that will make unemployment more persistent in the years to come.