Recessions typically lead to an increase in youth unemployment rates, leaving young people to face more difficulties in finding jobs. Concerns about long-term impacts on the youth arise when youth unemployment rates are very high. One prominent example is the current policy debate about the lost generation in the context of the Great Recession. We know, for instance, that unemployment at young ages can have persistent negative effects on future wages (e.g. Oreopoulos et al. 2012) and career progression (e.g. Oyer 2008). In recent research (Bell et al. 2015), we show that recessions have a more disturbing and ... (full story)