Long-term unemployment is a much more serious problem than short-term unemployment, and it's more prevalent to boot.
The Princeton economist discusses how the economy blew up, how we put it back together, and how to prevent it all from happening again.
The U.S. economy grew at a 2 percent annual rate in the third quarter of 2012, according to the initial figures from the Bureau of Economic Analysis. That's pretty good! But the average revision in these reports is 1.3 percentage points. That's a huge amount of error.
Last month, the Fed took its biggest action in two years. But the minutes of the debate suggests it could have done much more.
A conversation with Michael Woodford, the world's leading monetary economist and arguably a big influence on QE3.
Ben Bernanke got shown up at his own party by a long, technical paper arguing, in essence, that the Fed has been doing everything wrong.