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Principles of Insurance, Week 8, Chapters 9

by: Naya Rhodes

Principles of Insurance, Week 8, Chapters 9 FIN 36081

Marketplace > Kent State University > Finance > FIN 36081 > Principles of Insurance Week 8 Chapters 9
Naya Rhodes
GPA 3.4

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About this Document

These notes cover chapter 9
Principles of Insurance
Ricardo Bernabe Torres
Class Notes
Risk Management, Risk, Risk Management and Insurance, Risk and Return, PRINCIPLE OF INSURANCE, Insurance
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This 1 page Class Notes was uploaded by Naya Rhodes on Wednesday October 12, 2016. The Class Notes belongs to FIN 36081 at Kent State University taught by Ricardo Bernabe Torres in Fall 2015. Since its upload, it has received 7 views. For similar materials see Principles of Insurance in Finance at Kent State University.


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Date Created: 10/12/16
Macroeconomics Chapter9:Unemployment -Unemploymentimposeshighcosts.Theunemployedsufferfromstressandlossofincome.Highunemployment ratesinaneconomyresultinanopportunitycostofunusedresources.Employedworkerspaytaxeswhile unemployedworkerscollectgovernmentsupport. -Unemploymentandthelaborforce:theadultpopulationcanbedividedintothoseinandthoseoutofthelabor force.Thoseinthelaborforcearedividedintoemployedandunemployed.Anunemployedpersonisaperson willingandabletoworkwhoisactivelyseekingajobbutdoesn’thaveone. Unemploymentrate=unemployedpeople/totallaborforce Thisraterisesduringrecessionsanddepressionsbutfallsbackbetweentherangeof4-6%whentheeconomyis strong.Theunemploymentratedoesn’tshowalongtermrisingtrendoverthepastcentury. -Controversiesovermeasuringunemployment:discouragedworker,marginallyattachedworkers,thoseworking parttimeforeconomicreasons. -UnemploymentratesarehigherforAfricanAmericansandHispanicsthanforwhites.Ratesarehigherforthose whoarelesseducated.Alsoratesarehigherfortheyoungthanthemiddleaged.Upuntilrecently,womenhad higherunemploymentratesthanmen. -UnemploymentratesintheUScomparefavorablywiththoseinmostotherhigherincomeeconomies. -Labormarketswithflexiblewageshaveanunemploymentpuzzle.Wageswilladjustinamarketsoquantity demandedoflaborcanequalthequantitysuppliedoflaborattheequilibriumwage.Inreality,aflexiblewaged modeldoesn’tdescribeunemploymentwellsinceitpredictsanyonewillingtoworkatthemarketwagecan alwaysfindajob. -Sometheoriesthattrytoexplainwhywagesmightnotbeflexible,especiallywhenitcomestodownward adjustments,areimplicitcontracts,efficiencywagetheory,adverseselectionofwagecuts,insider-outsidermodel, andrelativewagecoordination.Acommonthemeisthatallofthesetheoriesimplythatwageswilldeclineslowly. Unemploymentmayresultfromwagesthatareinflexibleandunlikelytofall. -TheShortRun:cyclicalunemploymentrisesandfallswiththebusinesscycle.Thewayinwhichfirmsperceive themacroeconomywilldeterminethedemandforlabor. -TheLongRun:thenaturalrateofunemploymentistheratethatwouldbecausedbytheeconomic,social,and politicalforcesintheeconomy.Factorsincludefrictionalunemploymentwhichoccurswhenpeopleareoutof workduetotheshiftsofadynamicandchangingeconomyandanylawsconcerningconditionsofhiringand firingthatresultindiscouragingjobformation. -Fromthesupplyperspective,publicpolicieshelptheunemployedbyaffectinghoweagertheyaretowork.From thedemandperspective,socialinstitutionsandgovernmentrulesaffectthewillingnessoffirmstohire.


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