A model of the labor market. Some economists argue that the Beveridge curve in the U.S. has shifted out after the Global Financial Crisis (GFC) because the labor market has become less efficient. Your task is to understand how the U.S. labor market responded to the recession caused by the GFC using the model we developed in Lecture 8. Suppose each period in the model corresponds to a month. The parameter values are given in Table 1 below.