November 28 notes

November 28 notes - Unemployment and Inflation Required...

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Unformatted text preview: Unemployment and Inflation Required Readings C h a p t e r 6 , p p . 1 9- 1 1 5 C h a p t e r 1 , p p . 1 9 9- 2 6 Basic Relationships Definitions: Real Output Unemployment Rate Expansions: Recessions: Explore in More Depth Y U Y U Y U n p p n < < Basic Relationships Definitions: Real Output Unemployment Rate Expansions: Recessions: Explore in More Depth Y U Y U Y U n p p n < < < Unemployment Rate in the U.S. 1929-2010 4 The Inflation Rate in the U.S. 1870-2010 Types of Unemployment Frictional Unemployment: Temporary Unemployment Arises when workers are between jobs S t r u c t u r a l U n e m p l o y m e n t : M i s m a t c h o f j o b s and workers Low geographic mobility Physical or Mental Handicaps Lack of Skills, Training, or Education C y c l i c a l U n e m p l o y m e n t : D u e t o R e c e s s i o n s Definitions: Unemployment * Number of Workers Unemployed Unemployment Rate = Labor Force Actual Unemployment Rate Normal Unemployment Rate...
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November 28 notes - Unemployment and Inflation Required...

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