Macroeconomics 352x Week 3 Notes
Macroeconomics 352x Week 3 Notes ECON 352
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This 1 page Class Notes was uploaded by Manisha Malhotra on Thursday September 8, 2016. The Class Notes belongs to ECON 352 at University of Southern California taught by Fatemeh Ibrahimi Nazarian in Fall 2016. Since its upload, it has received 8 views. For similar materials see in Economics at University of Southern California.
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Date Created: 09/08/16
Macroeconomics 352x Notes (9/6) • A temporary adverse supply shock lowers labor demand, employment, the real wage, and the fullemployment level of output • Measuring unemployment: • Labor Force = Employed + Unemployed • Unemployment Rate = Unemployed / Labor Force • Participation Rate = Labor Force / Adult Population • Employment Ratio = Employed / Adult Population • Discouraged Workers people who have become so discouraged by lack of success at finding a job that they stop searching • Most unemployment spells are of short duration • There are always unemployed people because of frictional unemployment, structural unemployment the long term and chronic unemployment that exists even when the economy is not in a recession • The natural rate of unemployment; when output and employment are at full employment levels • = frictional + structural unemployment • Cyclical unemployment = difference between actual unemployment rate and natural rate of unemployment
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