A Decomposition of the Beveridge Curve,” Finance and Economics Discussion Series 2010-48 (Washington: Board of Governors of the Federal Reserve System, August). 11  See Aysegül Sahin, Joseph Song, Giorgio Topa, and Giovanni L. Violante (2011), “Measuring Mismatch in the U.S. Labor Market (PDF),” unpublished paper, Federal Reserve Bank of New York, July. 6  BIS central bankers’ speeches  hysteresis.
The unusually long duration of unemployment spells and high fraction of the labor force unemployed for more than six months raise the prospect that the long-term unemployed will become progressively less employable as their skills, reputations, and networks deteriorate. That is, the distinction between cyclical and structural unemployment may begin to blur.