ECO 2013 Lecture Notes - Lecture 4: Current Population Survey (Us), Frictional Unemployment, Structural Unemployment
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30 Jan 2017
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U. s. census bureau contacts 60,000 households in the current population survey to categorize people as. Don"t have a job and not looking. Not working age: below 16 years old, institutionalized and available for work. Unemployment rate = # of unemployed/# in labor force x 100. Labor force participation rate= # in labor force/# in working age population x 100. Employment to population ratio= # of employed/# in working age population x 100. Unemployment related to a structure of the economy. The increase in the overall level of prices in the economy. If it is, instead, a decrease, we call it a deflation. Redistributes income: from employees to employers. Redistributes wealth: from lenders to borrowers. Real interest rate =nominal interest rate inflation rate. Consumer price index = current year/base year x 100. New goods bias: over time, people buy new products, laptops and smartphones, need to recalibrate basket.
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