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【正文】 Macroeconomics Chapter 9 33 The Labor Force, Employment, and Unemployment ? The effect of the increase in A ? The real offer rises ? Reservation real wage increases, but not so large as the increase in the real offer ? Short run effect of A ? The effect of ω Macroeconomics Chapter 9 34 The Labor Force, Employment, and Unemployment ? Search by Firms is important in a wellfunctioning labor market, the allowance for this search does not change our major conclusions. ? It still takes time for workers to match with jobs, so that the expected durations of unemployment and vacancies are greater than zero. ? An increase in workers’ effective real ines while unemployed, ω, lowers the jobfinding rate and raises the expected duration of unemployment. ? A favorable shock to productivity raises the jobfinding rate and lowers the expected duration of unemployment. Macroeconomics Chapter 9 35 The Labor Force, Employment, and Unemployment ? Job Separations ? Jobseparation rate, the rate at which job matches dissolve. ? This rate is high among inexperienced workers who are hard to evaluate or among young persons who are likely to experience changes in family size or job preferences. ? The separation rate is also high in industries that are subject to frequent shocks to technology or product demand. Macroeconomics Chapter 9 36 The Labor Force, Employment, and Unemployment ? Job Separations, Job Finding, and the Natural Unemployment Rate Macroeconomics Chapter 9 37 The Labor Force, Employment, and Unemployment Macroeconomics Chapter 9 38 The Labor Force, Employment, and Unemployment ? Job Separations, Job Finding, and the Natural Unemployment Rate ? Job?finding rate = (number of hires per month) /U Macroeconomics Chapter 9 39 The Labor Force, Employment, and Unemployment Macroeconomics Chapter 9 40 The Labor Force, Employment, and Unemployment ? Job Separations, Job Finding, and the Natural Unemployment Rate ? The natural unemployment rate is the unemployment rate that economy tends towards, given the rates at which people lose and find jobs Macroeconomics Chapter 9 41 The Labor Force, Employment,
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