4  See the SEP in Board of Governors, “Minutes of the Federal Open Market Committee, March 18–19, 2014,” in note 2. 5  The share in CPS employment of persons working part time for economic reasons rose from 3 percent prior to the recession to 6.5 percent in November 2009, and it has since then declined only to 5 percent.
The share in  2  BIS central bankers’ speeches  so high and the degree to which it might decline in a more robust economy. As I argued more fully in a recent speech, I believe that long-term unemployment might fall appreciably if economic conditions were stronger.