Chapter 6 Unemployment(曼昆,宏观经济学-英文版).pptVIP

Chapter 6 Unemployment In this chapter we begin our study of unemployment by discussing why there is always some unemployment and what determines its level. Here we examine the determinants of the natural rate of unemployment—the average rate of unemployment around which the economy fluctuates. Job loss, job finding, and the natural rate of unemployment Job search and frictional unemployment Real-wage rigidity and wait unemployment Patterns of unemployment 6-1 Job loss, Job finding, and the Natural Rate of Unemployment The natural rate of unemployment is the steady-state rate of unemployment. It depends on the rate of job separation and the rate of job finding. L = E + U f U = s E f U = s (L – U) U/L = s / (s+ f) Any policy aimed at lowing the natural rate of unemployment must either reduce the rate of job separation or increase the rate of job finding. Similarly, any policy that affects the rate of job separation or job finding also changes the natural rate of unemployment. 6-2 Job Search and Frictional Unemployment The unemployment caused by the time it takes workers to search for a job is called frictional unemployment. (preferences and abilities; a sector shift) Public policy and frictional unemployment (retraining program, unemployment insurance) Structure unemployment Case study: Unemployment Insurance and the Rate of Job Finding Conclusion: The incentives provided by the unemployment-insurance system affect the rate of job finding. 6-3 Real-Wage Rigidity and Wait Unemployment Real-wage rigidity is to the failure of wages to adjust until labor supply equals labor demand. The unemployment resulting from wage and job rationing is called wait unemployment. Three causes of the wage rigidity: Minimum-wage laws, the monopoly power of unions, and efficiency wages. Minimum- Wage Laws Minimum- Wage Laws set a legal minimum on the wages that firms pay their employees. Economists believe that the minimum wage has its greatest impact on teenage unemployment. The mi