What explains high unemployment? The aggregate demand channel

Atif R. Mian, Amir Sufi

NBER Working Paper No. 17830
Issued in February 2012

---- Acknowledgments ----

We are grateful to the National Science Foundation, the Initiative on Global Markets at the University of Chicago Booth School of Business, and the Center for Research in Security Prices for funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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