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Lecture 17

ECO102H1 Lecture Notes - Lecture 17: Unemployment, Output Gap, Nairu


Department
Economics
Course Code
ECO102H1
Professor
James Pesando
Lecture
17

This preview shows pages 1-3. to view the full 10 pages of the document.
[ECO100 ECONOMICS]
UNEMPLOYMENT
 
 
!"
 #$%
 #
&'(%)'*
+,-.
+)/01 1*
2
 !!-3
&0%4%05%%0
678%68)4*
 !!/093
&!7%/'!!0%/)%0*5
7!!%%#%7:#+/7!
;.;4757%!%3
%3<=.55>
"7%.;?5!%0
Slow the rate of increase of AD and GDP growth

@?%A%
Unemployment Rate =Number of Unemployed
Labour Force 100
Participation Rate =Labour Force
Adult Population 100
Unemployment Rates by Sex and Age
B%
BCD
B%
%
CD
%

EF
F
G
D
F
Unemployment Rates by Educa$on Level
CF!
=%%
H/!!/%
+C%%
%/

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[ECO100 ECONOMICS]
#$!%.
+7!'/7'57!-
?4.!6%/%87'I
%=
J1J1#!!:"3
(.7-%
(.7-%57'6%/%8%'/7'
)%5!5/%%*
;/!.+'!!%!
%!'
(.5!/%
(.5
Change in parcipaon rate tells us whether there is an increase in job number
;-@7'57%!93

!.
> .
<?%/5!%%/5!
>
> =.!'55/7!%%-/
> (.K///#%
.B(",57!%
B;(",
!"
)"/5(! 5;"5!6C/08*
 !
 5%%$#
!");"*.
":#+@+:#+
"/@9
?68
");"*
(%.J1)%*not measured
%=.D1)%*
"<>
(%.ED1<>
%=.F 1<>
"<?%>
(%.J1
%=.D1
(<B+>
(%.D1<ED1CJ1>

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[ECO100 ECONOMICS]
%=. F1<F 1CD1>
Cyclical unemployment represents the recessionary gap
(.&!5=7'!(%
#!");"*
H/!";(;,="("!.
 !//5'%7'5!
)*
 !/!/5!)
%*
:)%%L*.
?4.
C B/$5!7/%7'-I
)-!*
C =%%7'-//!L$)
%5%'7'*
2
=!%!/'$/<LM/%
$>/7!!/!3
;/!
!7%!3
7
%5%//!%/!/!
/
?4.7%%
?"
,.1
7%%.J1
!H/!7%%3
> =-
> #%?;
C H/!7!/?!/!
C ;%7'
C 7/%
> 7/%
<%$#>5/4.
+<;:M7>
B+<;N7>reduce recessionary gap
<!/!>
%=
?
?/%
&%/%$/!:%%#5
/$/
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