recent recovery was marked, for some time, by a reluctance of businesses to do so. a slowing in the pace of job creation resulted in limited new opportunities available to these displaced workers. though these stories sound plausible, restructuring is, in practice, difficult to measure, and alternative measurement techniques have led to very different conclusions about the amount of restructuring that has occurred in recent years. 2 for example, both groshen and potter ( 2003 ) and aaronson, rissman, and sullivan ( 2004 ) construct summary measures of the extent of restructuring. while the groshen - potter measure shows an elevated level of restructuring in recent years, the aaronson - rissman - sullivan measure indicates that the labor market has not experienced an unusual amount of restructuring recently. these authors will present updates of their earlier research at these meetings. taking a somewhat different approach than previous analyses, we attempted to identify those industries that have performed especially poorly since the 2001 business cycle peak and assess whether these underperforming industries have been characterized by restructuring. we judged the performance of each industry according to two criteria : ( 1 ) an industry ’ s net employment change from march 2001 to november 2004, and ( 2 ) the change in an industry ’ s share of total employment between march 2001 and november 2004 compared with the change in employment shares exhibited over a pre - peak period of similar length. 3 table 1 ranks the performance of two - digit naics industries since march 2001 according to the first measure of underperformance. in an absolute sense, the poorest performing industries include durable and nondurable manufacturing, the information sector, retail trade, transportation and warehousing, and professional and technical services. moreover, four of those six industries - durable manufacturing, information, transportation and warehousing, and professional and technical services also ranked among the six poorest performers according to the second criterion, which is based on relative performance. table 1 underperforming industries in terms of the change in employment since the latest cyclical peak ( march 2001 ) industry performance ranking1 durable manufacturing nondurable manufacturing information retail trade transportation and warehousing professional and technical services wholesale trade company management utilities natural resources and mining arts, entertainment, and recreation real estate and leasing construction administrative support and waste other finance and insurance education accommodations and food services health care and social assistance note : underlined industries ranked poorly according to both measures of underperformance. a higher rank indicates worse performance. the latter measure helps to distinguish industries that

that policymakers face. thank you. in rejecting a 4 percent inflation target, bernanke ( 2010a ) suggests that “ inflation would be higher and probably more volatile under such a policy ” and “ inflation expectations would also likely become significantly less stable. ” according to bernanke ( 2010b ), “ the federal reserve over a long period of time has established a great deal of credibility in terms of keeping inflation low, around 2 percent... if we were to go to 4 percent, and say we ’ re going to 4 percent, we would risk i think losing a lot of that hard - won credibility because folks would say, well, if we go to 4, why not go to 6... it would be very difficult to tie down credible expectations at 4. ” references ball, laurence ( 2013 ). “ the case for four percent inflation, ” central bank of the republic of turkey, central bank review, vol. 13 ( may ), pp. 17 – 31. barattieri, alessandro, susanto basu, and peter gottschalk ( 2014 ). “ some evidence on the importance of sticky wages, ” american economic journal : macroeconomics, vol. 6 ( january ), pp. 70 – 101. bernanke, ben ( 2010a ). “ the economic outlook and monetary policy, ” speech delivered at the federal reserve bank of kansas city economic symposium, jackson hole, wyoming, august 27, https : / / www. federalreserve. gov / newsevents / speech / bernanke20100827a. htm. — — — ( 2010b ). “ statement of the honorable ben bernanke, chairman, board of governors of the federal reserve system, ” in the economic outlook, hearing before the joint economic committee, u. s. congress, april 14, senate hearing 111 - 583, 111 cong. washington : government printing office. bernanke, ben s., thomas laubach, frederic s. mishkin, and adam s. posen ( 1999 ). inflation targeting : lessons from the international experience. princeton, n. j. : princeton university press. blanchard, olivier, giovanni dell ’ ariccia, and paolo mauro ( 2010 ). “ rethinking macroeconomic policy, ” imf staff position note spn / 10 / 03. washington : international monetary fund, february 12, https : / / www. imf