Abstract
IN 1987, the unemployment rate in Massachusetts averaged 3.2 percent,
three percentage points below the national rate. Only four years later, in
1991, it stood at 9.0 percent, more than two points above the national
rate. For firms taking investment decisions and for unemployed workers
thinking about relocating, the obvious question is whether and when
things will return to normal in Massachusetts. This is the issue that we
take up in our paper.
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Olivier Blanchard
C. Fred Bergsten Senior Fellow - Peterson Institute for International Economics
Discussants
Barry Eichengreen
Professor - University of California, Berkeley
