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Lec10handout - Unemployment Slides July 26 2010 Intro Macro...

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Unemployment Slides July 26 2010 1 Intro Macro
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Identifying Unemployment How is unemployment measured? Employed People who work Unemployed Not employed Want to work Looking for a job Not in the labor force Not employed Not unemployed 2 Intro Macro
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Identifying Unemployment How is unemployment measured? Labor force Total number of workers Employed Unemployed Labor force = Number of employed + Number of unemployed 4 Intro Macro
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Identifying Unemployment How is unemployment measured? Unemployment rate Percentage of labor force that is unemployed Labor-force participation rate Percentage of adult population that is in the labor force 5 100 force Labor unemployed of Number rate nt Unemployme 100 population Adult force Labor rate ion participat force - Labor Intro Macro
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Identifying Unemployment Natural rate of unemployment Normal rate of unemployment Around which the unemployment rate fluctuates Cyclical unemployment Deviation of unemployment from its natural rate 9 Intro Macro
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Labor-force participation of men and women in the U.S. economy Women’s role in American society Changed dramatically over the past century New technologies Reduced the amount of time required to complete routine household tasks Improved birth control Reduced the number of children born to the typical family Changing political and social attitudes Intro Macro 10
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Labor-force participation of men and women in the U.S. economy Data on labor-force participation 1950 difference between participation rates 33% of women - working or looking for work 87% of men - working or looking for work 2007 difference between participation rates 59% of women - working or looking for work 73% of men - working or looking for work Intro Macro 11
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Labor-force participation of men and women in the U.S. economy Fall in men’s labor -force participation Young men - stay in school longer Older men - retire earlier and live longer
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Lec10handout - Unemployment Slides July 26 2010 Intro Macro...

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