中山大学《宏观经济学》课件-第7章InflationUnemployment.pptxVIP

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中山大学《宏观经济学》课件-第7章InflationUnemployment.pptx

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2023/7/271Chapter 7Inflation and Unemployment中山大学《宏观经济学》 2023/7/272OutlineAnatomy of UnemploymentUnemploymentInflation 2023/7/273Unemployment rate 2023/7/274 2023/7/275Unemployment rate Unemployment rate = Unemployed / Labor force 2023/7/276UnemploymentAn unemployed person is one who is out of work and who eitherhas actively looked for work during the previous 4 weeks is waiting to be recalled to a job after having been laid off 2023/7/277EmploymentAn employed person is one who during the reference week:did at least one hour of work for pay in the last week;worked at least 15 hours as an unpaid worker for an enterprise owned by a family member;was not working, but only temporarily absent from work (ex. vacation or maturity leave). 2023/7/278 2023/7/279Flows into unemployment poolFirst enter or reenter the labor forceQuit job in order to look for anotherBe laid offLose job (fired or firm closes) 2023/7/2710Flows out of unemployment poolBe hired into a new jobBe recalled after layoffStops looking for a job and move out of the labor force. 2023/7/2711Labor market turnoverLabor market turnover: flows into and out of unemployment and employment and between jobs. 2023/7/2712Labor market turnover 2023/7/2713Frequency and durationFrequency of unemployment: the average number of times per period that workers become unemployed.Duration of unemployment: the average length of time a person remains unemployed. 2023/7/2714Duration 2023/7/2715Frequency and durationUnemployment = Frequency * Durationhigh turnover unemployment vs. long-term unemployment. 2023/7/2716Unemployment in subgroupsThe labor force can be divided into several subgroups by age, sex, race, etc.The overall unemployment rate is a weighted average of the unemployment rates of the subgroups: 2023/7/2717Unemployment in subgroupsChanges in the overall unemployment rate may be caused by:The unemployment rates in some or all subgroups change.The weigh