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ECO 14 - 26 JAN - Lecture 14 ECO 100Y5Y 26 January 2009 A...

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Lecture 14 26 January 2009 ECO 100Y5Y A. Cohen 1 E C O N O M I C S PARKIN BADE Lecture 14 26 January 2009 E C O N O M I C S PARKIN BADE Chapter 21 Monitoring Cycles, Jobs, & the Price Level Unemployment and Full Employment Types of unemployment frictional — due to normal turnover, people searching for good job matches, healthy part of dynamic economy structural — due to shifts in structure or location of jobs caused by technological change and international competition seasonal — due to changes in seasons cyclical — due to economic slowdowns from business cycle continued
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Lecture 14 26 January 2009 ECO 100Y5Y A. Cohen 2 Full employment — only frictional, structural, and seasonal unemployment occurring no cyclical unemployment unemployment rate at full employment called natural rate of unemployment actual unemployment rate fluctuates around natural rate, as real GDP fluctuates around potential GDP The Consumer Price Index Consumer Price Index (CPI) —
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