3. For each month since January 1948, calculate the share of total unemployment accounted for by people
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3. For each month since January 1948, calculate the share of total unemployment accounted for by people unemployed for fifteen weeks or more. How is this ratio related to the business cycle (for peak and trough dates, see Table 8.1), and to the overall unemployment rate? What are the implications of these results for a policymaker who wants to assess the costs of a recession?
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