西方经济学(宏观)课件CHAPter07.ppt
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西方经济学(宏观)课件CHAPter07.ppt
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CHAPTER07,LABOURMARKETS,UNEMPLOYMENT,ANDINFLATION,WhatYouWillLearninthisChapter:
Themeaningofthenaturalrateofunemployment,andwhyitisntzeroWhycyclicalunemploymentchangesoverthebusinesscycleHowfactorssuchasaminimumwageandefficiencywagescanleadtostructuralunemploymentThereasonsthatunemploymentcanbehigherorlowerthanthenaturalrateforextendedperiodsTheexistenceofashort-runtrade-offbetweenunemploymentandinflation,calledtheshort-runPhillipscurve,thatdisappearsinthelongrunWhytheNAIRU,thenon-acceleratinginflationrateofunemployment,isanimportantmeasureforpolicy-making,TheNatureofUnemployment,TheunemploymentrateistheratioofthenumberofpeopleunemployedtothetotalnumberofpeopleinthelaborforcewhoareeithercurrentlyworkingorlookingforjobsIfeveryonewhowantedajobhadone,theunemploymentratewouldbe0%ButCanadianpublicpolicyanalystsconsidertheeconomytobeat“fullemployment”whentherateofunemploymentiswellabove0%Theunemploymentratethatexistsattheleveloffullemploymentisreferredtoasthenaturalrateofunemployment,TheNatureofUnemployment,Thenaturalrateofunemploymentisexplainedbythreetypesofunemployment:
FrictionalunemploymentisunemploymentduetothetimeworkersspendinjobsearchStructuralunemploymentisunemploymentthatresultswhentherearemorepeopleseekingjobsinalabourmarketthantherearejobsavailableatthecurrentwageSeasonalunemploymentisthefluctuationinunemploymentoverthecourseoftheyearduetotheseasonsortheweather,AverageDurationofUnemployment,2000,TheEffectofaMinimumWageontheLabourMarket,CausesofStructuralUnemployment,Minimumwages-agovernment-mandatedflooronthepriceoflabourUnions-bybargainingforallofafirmsworkerscollectively(collectivebargaining),unionscanoftenwinhigherwagesfromemployersthanthemarketwouldhaveotherwiseprovidedifworkersbargainedindividuallyEfficiencywages-wagesthatemployerssetabovetheequilibriumwagerateasanincentiveforbetterperformance,TheNaturalRateofUnemployment,ThenaturalrateofunemploymentisthenormalunemploymentratearoundwhichtheactualunemploymentratefluctuatesCyclicalunemploymentisadeviationintheactualrateofunemploymentfromthenaturalrate,TheBreakdownofUnemploymentinCanadain2005,TheNaturalRateofUnemployment,1966-2005,ChangesintheNaturalRateofUnemployment,ChangesinlabourforcecharacteristicsChangesinLabourmarketinstitutionsChangesingovernmentpoliciesChangesinproductivity,UnemploymentandtheBusinessCycle,ThepercentagedifferencebetweentheactuallevelofrealGDPandpotentialoutputistheoutputgapWhenactualoutputisequaltopotentialoutput,theactualunemploymentrateisequaltothenaturalrateofunemploymentWhentheoutputgapispositive(aninflationarygap),theunemploymentrateisbelowthenaturalrateWhentheoutputgapisnegative(arecessionarygap),theunemploymentrateisabovethenaturalrate,TheActualUnemploymentRateFluctuatesAroundtheNaturalRate,TheseFluctuationsCorrespondtotheOutputGap,OkunsLaw,AccordingtoOkunslaw,eachadditionalpercentagepointofoutputgapreducestheunemploymentratebylessthan1percentagepointThatis,atypicalversionofOkunslawreads:
Unemploymentrate=Naturalrateofunemployment(0.5Outputgap),WhyDoesnttheLabourMarketMoveQuicklytoEquilibrium?
SomedisputeaboutwhywagesadjustslowlyTwomaintheories:
Misperceptions-workersareslowtorealizethattheequilibriumwageratehaschangedStickyWages-occurwhenemployersareslowtoreducewagesinthefaceofasurplusoflabourPricesofsomegoodsandservicesalsoseemtoadjustslowly:
Menucostsaresmallcostsassociatedwiththeactofchangingprices,UnemploymentandInflation:
ThePhillipsCurve,Theshort-runPhillipscurveisthenegativeshort-runrelationshipbetweentheunemploymentrateandtheinflationrate.,UnemploymentandInflationfrom1956tothe1965,ExpectedInflationandtheShort-RunPhillipsCurve,Theexpectedrateofinflationistherateofinflationthatemployersandworkersexpectinthenearfuture.,TheNAIRUandtheLong-RunPhillipsCurve,TheNAIRUandtheLong-RunPhillipsCurve,Thenon-acceleratinginflationrateofunemployment,orNAIRU,istheunemploymentrateatwhichinflationdoesnotchangeovertimeItisequaltothenaturalrateofunemployment,TheNAIRUandtheLong-RunPhillipsCurve,Thelong-runPhillipscurveshowstherelationshipbetweenunemploymentandinflationafterexpectationsofinflationhavehadtimetoadjusttoexperienceThelong-runPhillipscurveisverticalbecausethereisnotrade-offbetweentheunemploymentrateandtheinflationrateinthelongrun,UnemploymentandInflation,19662005,
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