assign11 - Intro Macro N. Sheflin ASSIGNMENT 11 NOTES:...

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I n t r o M a c r o N . S h e f l i n ASSIGNMENT 11 NOTES: Unemployment and Wages, and Review of the LR Classical Model and Sticky/Flexible wages (and prices). Investment Game – Round 4 – Bonds. Clicker quiz on mutual funds from Round 3 HOW ARE YOU DOING (and what to do about it)? If you are doing poorly and feel you need more help, go to one of the Learning Resource Centers for tutoring ( http://lrc.rutgers.edu/ ). The student tutors are generally very good and can be most helpful. BRING QUESTIONS THAT ARE GIVING YOU TROUBLE – from homework and/or from big questions from the assignments. HAVE THE TUTOR SIGN THE QUESTION SHEET and show it to me for EXTRA CREDIT points. EARLY WARNING FINAL EXAM coming - do not make travel plans for the evening of THURSDAY JULY 7 there is no makeup for the final unless there is a conflict or major, documented personal illness or catastrophe. Much more information will be coming including: a review guide, and a set of essential questions NOTES - KEY POINTS Unemployment Defining and Measuring unemployment and the unemployment rate o Structural, frictional and cyclical unemployment o Discouraged workers and hidden unemployment o Unemployment composition and duration o International comparisons and explanations Harm of unemployment o Economic o Social o Political The Natural Rate of unemployment – NAIRU o The ‘full-employment’ unemployment rate at which there is structural and frictional but not cyclical unemployment o The long-term unemployment rate at which inflation does not increase (i.e., there is no acceleration in prices – hence the non-accelerating inflation, rate of unemployment Unemployment Policies o Cyclical – stabilization (monetary/fiscal) policies o Structural – training, education, etc o Frictional – job search services etc. Okun’s Law
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assign11 - Intro Macro N. Sheflin ASSIGNMENT 11 NOTES:...

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