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The natural unemployment rate in the United States has varied over the last 50 years. According to the Congressional Budget Office, the natural rate was
The natural unemployment rate in the United States has varied over the
last 50 years. According to the Congressional Budget Office, the natural
rate was 5.5% in 1960, rose to about 6.5% in the 1970s, and had declined
to about 4.8% by 2000. What do you think might have caused this
variation?
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