While some headway has been made in studying non-conventional transmissions channels such as the risk-taking channel, other issues still  5  See F. S. Mishkin (2010): “Monetary policy strategy: Lessons from the crisis”, Paper presented at the ECB Central Banking Conference, “Monetary policy revisited: Lessons from the crisis”, Frankfurt, November 18–19.
While this decline represents considerable progress, particularly given secular trends that over time may have increased the prevalence of part-time employment, I think some room remains for the hours of these workers to increase as the labor market improves further. The pace of increases in labor compensation provides another possible indicator, albeit an imperfect one, of the degree of labor market slack.