introduction to economic growth and stability chapter 8
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Introduction to Economic Growth and Stability
Chapter 8
Chapter 8 Table 8.1
Chapter 8 Figure 8.1
Historical U.S. Real GDP
http://research.stlouisfed.org/fred2/series/GDPC1/106
Chapter 8 Table 8.2
Chapter 8 Figure 8.2Employment/Unemployment
Categories
Unemployment Rate
u = (number unemployed/labor force) x 100%
Labor Force Participation Rate = (labor force/total adult population) x
100% http://research.stlouisfed.org/fred2/serie
s/CIVPART?&cid=10
Kinds of Unemployment
Structural Unemployment Technological change and/or industry
migration Frictional Unemployment
Workers voluntarily search for new jobs Cyclical Unemployment
Associated with recession Seasonal Unemployment
Affects different industries at different times of the year
Chapter 8 Figure 8.3(a)
Potential v. Actual Real GDP
Potential v. Actual Real GDP
Potential Real GDP assumes “full employment”
i.e., about 6% unemployment http://research.stlouisfed.org/fred2/series/
GDPPOT/106
Actual Real GDP (or simply Real GDP) captures the actual unemployment rate http://research.stlouisfed.org/fred2/series/
GDPC1/106
Chapter 8 Figure 8.3(b)
Historical Unemployment
http://research.stlouisfed.org/fred2/series/UNRATE/10
Chapter 8 Table 8.3
Chapter 8 Figure 8.4
Historical Price Inflation
Chapter 8 Figure 8.5Real v. Nominal Interest
Rates