(2017), “Should we reject the natural rate hypothesis?”, Peterson Institute for International Economics Working Paper, 17–14, November. 2 See for example, Ball, L. (2009) “Hysteresis in Unemployment: Old and New Evidence”, NBER Working Paper  No 14818; and Holzer, H. J., S. Raphael and M. A. Stoll (2006),"Employers in the Boom: How Did the Hiring of Less-Skilled Workers Change during the 1990s?
On the latter, I pause for a moment to recall that one important milestone was achieved earlier today with the signing of a Memorandum of Understanding between (I)CSDs, banks (in the name of the European Repo Council) and a CCP, with the respective parties committing to work further on a solution for triparty settlement interoperability.