ECN 204 Lecture Notes - Lecture 4: National Research Universal Reactor, Deflation, Hyperinflation

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Published on 14 Feb 2016
School
Ryerson University
Department
Economics
Course
ECN 204
Professor
ECN204Lecture4BusinessCycles,Unemployment,andInflation
TheBusinessCycle
Alternatingincreasesanddecreasesineconomicactivityovertime
Phasesofthebusinesscycle
Peak
Recession
Trough
Expansion
Causation:afirstglance
Irregularinnovation
Productivitychanges
Monetaryfactors
Politicalevents
Financialinstability
Recessionof2008‐2009
Cyclicalimpact:durablesandnondurables
Durablegoodsaffectmost
Capitalgoods
Consumerdurables
Nondurableconsumergoodsaffectedless
Services
Foodandclothing
Unemployment
Measurementofunemployment
Theunemploymentrateisthepercentageofthelabourforcethatisunemployed
Howtheunemploymentrateisunderstated
Part‐timeemploymentstatistics
Discouragedworkers
Typesofunemployment
Frictionalunemployment
Causedbyworkersvoluntarilychangingjobsandbytemporarylayoffs
Unemployedworkersbetweenjobs
Structuralunemployment
Causedbychangesovertimeinconsumerdemandandintechnologyalterthe
"structure"ofthetotaldemandforlabour,bothoccupationallyand
geographically
Cyclicalunemployment
Causedbyadeclineintotalspending(orbyinsufficientaggregatedemand)
Seasonalunemployment
Causedbyseasonalfactors
Definitionoffullemployment
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