2. The purpose of this question is to obtain estimates of how the natural rate of unemployment for various demographic groups has changed over time. The idea is to look for periods in which the actual inflation rate equals the expected inflation rate. In those periods, according to the expectations-augmented Phillips curve concept, the natural unemployment rate and the actual unemployment rate should be the same. Using annual data, graph unexpected inflation for the period 1972 to the present. Define unexpected inflation to be actual CPI inflation rate minus the average cpr inflation rate over the previous three years. According to the theory, the natural rate of unemployment equals the actual ra te of unemployment when unexpected inflation equals zero. Identify two Chapter Summary 475 specific years (at least ten years apart) in which, according to your graph, unexpected inflation is equal to or close to zero. For each of those years, find the average unemployment rate over the year (and thus the natural unemployment rate) for white adults (males and females separately), white teenagers, black adults (males and females separately), and black teenagers. How have natural unemployment rates by demographic group changed over time, according to your estimates? (Note: data on the unemployment rates of these demographic groups can be found at www.bls.gov, the Web site of the U.s. Bureau of Labor Statistics.)