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Lecture

ECON1000 CH. 9.docx
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Department
Economics
Course
ECON 1000
Professor
Nick Rowe
Semester
Winter

Description
Chapter 9: Unemployment and its Natural Rate Identifying Unemployment Categories of Unemployment • The problem of unemployment is usaully divided into two categories--the long-run problem and the short run problem: o The natural rate of unemployment o The cyclical rate of unemployment Natural Rate of Unemployment • Unemployment that does not go away on its own even in the long run • The amount of unemployment that the economy normally experiences Cyclical Unemployment • Year-to-year fluctuations in unemployment around its natural rate • Associated with the short-term ups and downs of the business cycle Describing Unemployment • Three Basic Questions: o How does government measure the economy's rate of unemployment? o What problems arise in interpreting the unemployment data? o How long are the unemployed typically without work? How is Unemployment Measured Unemployment is mea
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