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November 28 notes - Unemployment and Inflation Required...

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Unemployment and Inflation Required Readings Chapter 6, pp. 109-115 Chapter 10, pp. 199-206
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Basic Relationships Definitions: Real Output Unemployment Rate Expansions: Recessions: Explore in More Depth Y U Y U Y U n p p n < < <
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Unemployment Rate in the U.S. 1929-2010
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4 The Inflation Rate in the U.S. 1870-2010
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Types of Unemployment Frictional Unemployment: Temporary Unemployment ¾ Arises when workers are between jobs Structural Unemployment: Mismatch of jobs and workers ¾ Low geographic mobility ¾ Physical or Mental Handicaps ¾ Lack of Skills, Training, or Education Cyclical Unemployment: Due to Recessions
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Definitions: Unemployment * Number of Workers Unemployed Unemployment Rate = Labor Force Actual Unemployment Rate Normal Unemployment Rate = Structural Unemployment + Frictional Unemployment = Unemploymen N U U U t Rate at Full Employment 4.5 - 5.5% of the Labor Force |
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* * * : Full Employment : Cyclical Unemployment : Labor Shortages N N N U U U U U U !
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