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Assume unemployment at date t + 1, Ut+1, is given by: Ut+l = Ut Mt + St, (3) where U; is unemployment at date 15,
Assume unemployment at date t + 1, Ut+1, is given by: Ut+l = Ut Mt + St, (3) where U; is unemployment at date 15, Mt are the number of unemployed who match with a job and 3,; are the number of employed people who separate from their job and enter unemployment at date 13
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