chapter 16 unemployment and inflaton

chapter 16 unemployment and inflaton - CHAPTER 16...

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CHAPTER 16 Inflation
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Lecture Outline 1. Examining unemployment a. How is unemployment defined and measured? b. Usefulness of official unemployment statistics and alternative measures of unemployment c. Three types of unemployment: cyclical, frictional and structural unemployment d. The natural rate of unemployment 2. Costs of unemployment 3. Measurement of changes in the cost of living a. Consumer Price Index b. Problems in measuring changes in prices 4. Examining inflation a. Definition and measurement of inflation b. Perils of deflation 5. Costs of inflation a. Anticipated inflation b. Unanticipated inflation FYR
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What Do You Think? n Has everyone benefited equally from economic growth and increased productivity? q growth in real wages q rate of real wage growth q wage inequality
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Examining Unemployment n The employed are individuals who currently have jobs. n The unemployed are those individuals who do not currently have a job but who are actively looking for work. n Labour force = employed + unemployed
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n The unemployment rate is the percentage of the labour force that is unemployed and looking for work. n The labour force participation rate is the fraction of the population that is over 15 years of age that is in the labour force. Labour force participation rate = labour force ÷ population 15 and over
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The labour force participation rate for Singapore in 2005 was 67.4% and the unemployment rate was 4.2%. FYR
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Unemployment Rates around the  World, 2004 5.6 12.8 6.0 9.6 8.4 11.2 4.8 6.1 5.0 5.9 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 U n i t e d S a s B l g u m w F r c I y p K o N h J A FYR
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Alternative Measures of  Important n Discouraged workers/marginally- attached workers Individuals who want to work, have searched for work in the past, but are not currently looking for work because they believe they won’t be able to find a job.
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Individuals working part-time for economic reasons: workers who would like to be employed full-time but hold part-time jobs. q
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This note was uploaded on 02/12/2012 for the course ECON EC1101 taught by Professor Ms during the Spring '08 term at National University of Singapore.

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chapter 16 unemployment and inflaton - CHAPTER 16...

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