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? (number employed/labor force) = 1 ? employment rate ? employment rate= 1 ? u Macroeconomics Chapter 9 23 The Labor Force, Employment, and Unemployment ? Employment =( 1 ? u) Labor force ? Total working hours = ( 1 ? u) Labor force working hours per worker Macroeconomics Chapter 9 24 The Labor Force, Employment, and Unemployment Macroeconomics Chapter 9 25 The Labor Force, Employment, and Unemployment Macroeconomics Chapter 9 26 The Labor Force, Employment, and Unemployment Macroeconomics Chapter 9 27 The Labor Force, Employment, and Unemployment ? The equilibrium businesscycle model is probably satisfactory for understanding fluctuations in the labor force and hours worked per worker. ? The real wage rate, w/P adjusts to equate the quantity of labor supplied,Ls, to the quantity demanded, Ld. ? However, this approach leaves unexplained the most important factor—the fluctuations in the employment rate or, equivalently, in the unemployment rate. Macroeconomics Chapter 9 28 The Labor Force, Employment, and Unemployment ? A Model of Job Finding ? Job is not homogenous ? Hence, searching and matching Macroeconomics Chapter 9 29 The Labor Force, Employment, and Unemployment Macroeconomics Chapter 9 30 The Labor Force, Employment, and Unemployment ? Distribution of wage offers. ? The value on the vertical axis shows the probability of receiving that offer: w/P ? The value ω, which is the effective real ine received while unemployed. ? Key decision is whether to accept a real wage, w/P, when it is greater than ω. Macroeconomics Chapter 9 31 The Labor Force, Employment, and Unemployment ? A Model of Job Finding ? Reservation real wage, denoted by (w/P)’. Offers below (w/P)’ are rejected, and those above (w/P)’ are accepted. Macroeconomics Chapter 9 32 The Labor Force, Employment, and Unemployment ? The effect of the increase in ω ? it more likely that w/P ω will apply. ? Job offers will be rejected more often, ., it reduces the jobfinding rate, which is the rate at which job seekers find positions. ? Correspondingly, a rise in ω raises the expected du