0 relating to a period, usually at least six months, of low economic activity, when investments lose value, businesses fail, and people lose their jobs:
Recessionary conditions are made worse by the reduction in the profit markup in this industry.
The counterfactual filter accords with the view that recessionary periods are a confluence of permanent and transitory shocks.
Even in the recessionary troughs, unemployment levels remained low by international standards.
In contrast, the increase in relative price is more pronounced during contractions, indicating resistance to lower industrial price inflation despite aggregate recessionary conditions.
Higher profit-markup inflation has exacerbated the adverse effects of recessionary conditions.
In contrast, industrial price inflation exceeds nominal wage inflation, increasing profit-markup inflation despite recessionary conditions.
More specifically, recessionary conditions evidently have larger consequences in causing deterioration of workers' real standard of living, indicating failure to index nominal wages based on aggregate price inflation during recessions.
For men, the trend towards early exit seems to have begun in the early to mid-1970s, and to have accelerated during the 1980s and 1990s, especially during recessionary periods.
