MGEA06H3 Lecture Notes - Lecture 5: Frictional Unemployment, Nairu, National Research Universal Reactor

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MGEA06H3 Full Course Notes
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Fiscal policy as an automatic stabilizer and the as-ad. 1 you can interpret the term full employment as. Good/productive workers find it easy to find a job. Young/inexperienced workers find it easy to find their first job. Old workers are not forced out of the labour force if they lose their jobs (i. e. , no discouraged workers). www. notesolution. com (cid:222) (cid:222) (cid:222) Ecma06 fiscal policy and the as-ad model: full employment does not mean that everyone is working because. Frictional unemployment unemployment that results from the turnover in the labour market as workers move between jobs. Structural unemployment long-term and chronic unemployment arising from imbalances between the skills and other characteristics of workers in the market and the needs of employers. The labour market is dynamic (people constantly move in and out of the labour market). There are frictions in the economy (some industries/regions expand while some industries/regions contract) www. notesolution. com (cid:222) (cid:222) (cid:222) (cid:222)

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