TAILIEUCHUNG - Seventh Edition - The Addison-Wesley Series in Economics Phần 7

Công nhân thường quyết định rời bỏ công việc tạm thời để theo đuổi các hoạt động khác (nuôi một gia đình, đi lại, trở lại trường), và khi họ quyết định nhập lại thị trường việc làm, có thể mất một số thời gian cho họ để tìm một công việc đúng. | 412 PART IV Central Banking and the Conduct of Monetary Policy Economic Growth A comprehensive listing of sites that offer a wide variety of economic summary data and graphs. Price Stability cpi View current data on the consumer price index. to look for a better job might be unemployed for a while during the job search. Workers often decide to leave work temporarily to pursue other activities raising a family travel returning to school and when they decide to reenter the job market it may take some time for them to find the right job. The benefit of having some unemployment is similar to the benefit of having a nonzero vacancy rate in the market for rental apartments. As many of you who have looked for an apartment have discovered when the vacancy rate in the rental market is too low you will have a difficult time finding the right apartment. Another reason that unemployment is not zero when the economy is at full employment is due to what is called structural unemployment a mismatch between job requirements and the skills or availability of local workers. Clearly this kind of unemployment is undesirable. Nonetheless it is something that monetary policy can do little about. The goal for high employment should therefore not seek an unemployment level of zero but rather a level above zero consistent with full employment at which the demand for labor equals the supply of labor. This level is called the natural rate of unemployment. Although this definition sounds neat and authoritative it leaves a troublesome question unanswered What unemployment rate is consistent with full employment On the one hand in some cases it is obvious that the unemployment rate is too high The unemployment rate in excess of 20 during the Great Depression for example was clearly far too high. In the early 1960s on the other hand policymakers thought that a reasonable goal was 4 a level that was probably too low because it led to accelerating inflation. Current

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