In this chapter we saw that the steady-state rate of unemployment is U/L = s/(s + f).

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In this chapter we saw that the steady-state rate of unemployment is U/L = s/(s + f). Suppose that the unemployment rate does not begin at this level. Show that unemployment will evolve over time and reach this steady state.

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Macroeconomics

ISBN: 978-1464168505

5th Canadian Edition

Authors: N. Gregory Mankiw, William M. Scarth

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Question Posted: Dec 31, 2015 01:35 AM

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In this chapter we saw that the steady-state rate of unemployment is U/L = s/(s + f).

Question:

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To show that the unemployment rate evolves over time to the steadystate rate lets begin by defining ...View the full answer

Macroeconomics

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