unemployment rate is an inadequate measure of labor market conditions. This poses a major challenge for basic research and for successful economic policy. In this piece, the author proposes a new definition of unemployment is proposed. It considers those part-time workers who would like to work ...
A. actual unemployment rate to increase when the workers are not included in the unemployment calculation. B. actual unemployment rate to understate the true level of unemployment. C. actual unemployment rate to overstate the true level of unemployment. D. natural rate of unemployment to increase....
It would be useful to discuss the effects of a business cycle on the automobile production, the inflation rate, and the unemployment rate as illustrated in figures 9-7 through 9-11. Don’t Let This Happen To You! clarifies the difference between the price level and the inflation rate. ...
namely, the consumer price index inflation rate and GDP growth,\(\psi\)is the average shock,\(\eta\)refers to the ARCH (autoregressive conditional heteroskedasticity) effects parameter, and\(\vartheta\)is the GARCH parameter of\(\omega\),\(\gamma\)is the conditional error variance of\(\om...
This is shown in the last line of the Table, which represents (albeit crudely) what Keynes described as a state of “involuntary unemployment” and explained in terms of a failure of “effective demand.” In State 4, it is assumed, the excess demand for money is zero. Hence there is, ...
Although we have improved our measurement of crossing attempts by combining various data sources, the measure may still be lower than the actual number, which is unknown. There are not many studies addressing the particular issue of underreporting of deaths24, which, under this causal framework, ...
Based on BPS estimation, this pandemic will increase the poor to 475,720 and the open unemployment rate to 3.3%. DIY has an employment structure that is dominated by the informal sector (Fig. 2). The informal and formal sectors in DIY fluctuated from 2015 to 2019. Nevertheless, the ...
The difference in the FUND tropical cyclone estimation and the climate change-attributed costs of storms is an interesting comparison. It may be a discrepancy that can, to some degree, be explained by underestimated economic data recorded in EM-DAT the attribution estimates use. Furthermore, FUND...
The arguably most important paradox of financial economics—the excess volatility puzzle—first identified by Robert Shiller in 1981 states that asset prices fluctuate much more than information about their fundamental value. We show that this phenomenon
than has been customary in past U.S. monetary policy strategy. He explained that the empirical relationship between inflation and unemployment has largely broken down over the last two decades and that many current approaches to monetary policy strategy continue to overemphasize the now-defunct empiric...